Oil prices climb on upbeat China data

NEW YORK, (Xinhua) — Oil prices rose on Monday after a series of Chinese economic data came in better than expected.

Chinese shares rallied on Monday as data showed China’s new bank loans and monetary supply for July came in higher than expected, pushing up investors’ confidence.

Last week, China’s National Bureau of Statistics said Friday that the country’s industrial output growth picked up in July, rising 9.7 percent year on year.

China also released a set of surprisingly good trade data for July last Thursday. Export and import growth jumped to 5.1 percent and 10.9 percent in July, beating market expectation of 2 percent and 1 percent respectively.

China is the world’s No. 2 economy after the United States. China’s strong July data boosted market confidence.

Oil prices were also supported as Libya shut its biggest oil export terminal Es Sider Monday. Interruptions at ports across Libya decreased the country’s oil production to 800,000 barrels a day in July.

Light, sweet crude for September delivery rose 14 cents, to settle at 106.11 dollars a barrel on the New York Mercantile Exchange.

Brent for September delivery went up 75 cents, to close at 108. 97 dollars a barrel.

Sh. Kh.