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Oil rises on US retail sales data
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The price of oil rose yesterday as a government report indicated consumer spending could boost economic growth in the months ahead.
Benchmark crude for September delivery rose 72 cents to close at US$106.83 a barrel on the New York Mercantile Exchange.
The government said that "core" retail sales, which exclude the volatile auto, gas and building supply categories, rose 0.5 percent in July. It was the biggest such gain since a similar increase in December and may signal a stronger pace for consumer spending.
Brent crude, traded on the ICE Futures exchange in London, rose 85 cents to US$109.82 a barrel.
In other energy futures trading on Nymex, natural gas fell 3 cents to US$3.29 per 1,000 cubic feet (28.32 cubic meters).
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