Oil prices rise as concerns for recession ease

Xinhua News Agency | Aug 16, 2019 at 10:15 PM

NEW YORK, Aug. 16 (Xinhua) -- Oil prices rose on Friday as strong U.S. data eased investors' worries over a possible economic recession.

U.S. consumers' spending increased in July, as retail and food services sales rose 0.7 percent to 523.5 billion U.S. dollars, the Department of Commerce said on Thursday.

However, the gains were capped as the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for world oil demand growth in 2019 by 40,000 barrels per day to 1.1 million barrels year on year.

For 2020, world oil demand is expected to grow by 1.14 million barrels per day, in line with last month's projection, according to OPEC in its monthly oil market report.

The forecast is subject to downside risks stemming from uncertainties with regard to global economic development, the report said.

The West Texas Intermediate (WTI) for September delivery added 0.4 U.S. dollar to settle at 54.87 dollars a barrel on the New York Mercantile Exchange, and Brent crude for October delivery increased 0.41 dollar to close at 58.64 dollars a barrel on the London ICE Futures Exchange.