Oil fluctuates as China GDP disappoints and Libya supply returns
BNN Bloomberg
Oil traded near US$79 a barrel in London as traders weighed disappointing Chinese economic data and restarting Libyan supplies against signs of a tightening market.
Global benchmark Brent briefly spiked when Reuters News reported an extension of Saudi Arabia's oil-supply cuts to the end of next year, which the agency later retracted. Futures were down 1.5 per cent.
China's economy expanded more slowly than expected in the second quarter, with consumer spending easing notably in June, according to data released on Monday. Still, apparent oil demand in the world's top crude importer grew 14 per cent last month from a year earlier.
Production was restarted at Sharara, one of Libya's biggest oil fields, after protesters left the site, a person familiar with the matter said. Before the disruption last week, it was producing about 250,000 to 260,000 barrels a day.
