ADN: Oil prices rise on stronger retail sales in July
Oil prices are rising after retail sales improved in July, easing some worries about the slowing economy.
Benchmark West Texas Intermediate crude rose 53 cents to $86.25 per barrel in Friday morning trading on the New York Mercantile Exchange. In London, Brent crude gained 50 cents to $108.52 per barrel on the ICE Futures exchange.
The government says retail sales rose 0.5 percent 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.
