Oil rises on US retail sales data
NEW YORK (AP) — The price of oil rose Tuesday as a government report indicated consumer spending could boost economic growth in the months ahead.
Benchmark crude for September delivery rose 72 cents to close at $106.83 a barrel on the New York Mercantile Exchange.
The government said that “core” retail sales, which exclude the volatile auto, gas and building supply categories, rose 0.5 percent in July. It was the biggest such gain since a similar increase in December and may signal a stronger pace for consumer spending.
Brent crude, traded on the ICE Futures exchange in London, rose 85 cents to $109.82 a barrel.
In other energy futures trading on Nymex, natural gas fell 3 cents to $3.29 per 1,000 cubic feet (28.32 cubic meters).