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Oil climbs above $62 on China's strong growth

(Xinhua)
Updated: 2009-07-17 07:25

NEW YORK: Oil prices climbed above $62 on Thursday as investors found some hope from China's strong economic performance and better US employment data.

Earlier in the day, China, the second largest energy consumer, reported a strong economic growth of 7.9 percent for the second quarter, giving the market some hope for a sooner pickup in the global oil demand.

Related readings:  China GDP grows 7.1% in first half '09  Nation to build strategic oil reserves in Tianjin  Oil slides toward $59, extending 2-week sell-off  PetroChina gets nod to buy in Japan's Nippon Oil  China's oil majors mull bids for Iraq oil

Oil prices also got a lift from the US government employment report in which the Labor Department said new applications for unemployment insurance dropped for the second consecutive week to their lowest level since early January.

Light, sweet crude for August delivery rose 48 cents to settle at 62.02 dollars a barrel on the New York Mercantile Exchange. London Brent crude for August delivery fell 34 cents to 62.75 dollars a barrel on the ICE Futures exchange.