Oil finished higher on Friday

International benchmarks for oil prices inched higher on Friday (15 July) as better than expected Chinese economic data boosted market expectation for a continued demand growth in the world’s second largest energy consumer. Analysts are saying that China’s need to import crude might hold up in the coming months as domestic production continues to fall because of aging oil fields and budget cuts. This could act as a balancing factor amid persistent global supply glut.

WTI closed at $45.95/barrel (+$0.27) August delivery

Brent closed at $47.61/barrel (+$0.24) September delivery