CN: Oil prices rise as retail sales improve in July, easing some economic concern
NEW YORK, N.Y. - Oil prices are rising after retail sales improved in July, easing some worries about the slowing economy.
Benchmark West Texas Intermediate crude rose 38 cents to $86.10 per barrel in Friday morning trading on the New York Mercantile Exchange.
The government says retail sales rose 0.5 per cent in July which is the best showing since March.
The news also is sending stock markets higher.
Traders watch economic data and movement in the stock markets for clues about future demand for energy products.
Meanwhile, the national average for gas is about $3.61 a gallon. It's fallen about 9 cents in the past week.
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