Posted: Jul 13, 2012 10:45 AM by AP
NEW YORK (AP) - The price of oil rose Friday after China said its economy grew as expected in the second quarter.
China, the world's second-largest oil consumer, said it grew at the slowest pace since 2009. Still the 7.6 percent growth was enough to assuage analysts, who feared worse given a recent decline in manufacturing activity. As China slows, analysts said the U.S. and other countries will likely pursue new measures to spark growth.
Oil prices rose for a third straight day. Benchmark U.S. crude added 77 cents to $86.85 per barrel in New York while Brent crude increased by 90 cents to $101.18 per barrel in London.
Meanwhile, U.S. retail gasoline prices added less than a penny overnight to $3.388 per gallon.