By William L. Watts, MarketWatch
FRANKFURT (MarketWatch) — Oil futures on Friday gained ground for a second day, buoyed by a modest boost in overall risk appetite after data showed China’s economy slowed in line with expectations in the second quarter.
Nymex crude-oil futures CLQ2 +0.85% rose 81 cents, or 0.9%, to $86.89 a barrel in electronic trade.
China’s economy grew at its slowest pace in more than three years in the second quarter, with gross domestic product expanding at an annual rate of 7.6% versus 8.1% in the first three months of the year. Read about China GDP.
The figure was in line with economists’ forecasts, but provided relief after market participants appeared to pencil in a more pronounced slowdown, analysts said.
Oil gained ground on Thursday, boosted in part by the U.S. decision to take action against companies identified as exporting Iranian oil, said strategists at KBC Bank in Brussels.
Supply worries have supported prices on expectations production in the North Sea is expected to fall to near its lowest level in recent history, they said, in a research note.
William L. Watts is MarketWatch's European bureau chief, based in Frankfurt.
