LONDON: Oil prices settled higher on Thursday after strong US economic data stoked expectations for higher crude demand, but the gains were limited by concerns about lower oil imports from China.

Brent crude futures for September settled up 66 cents, or 0.81 per cent, to $82.37 a barrel. US West Texas Intermediate crude for September gained 69 cents, or 0.89pc, to $78.28. US economy grew faster than expected in the second quarter while inflation eased, boosting expectations the Federal Reserve would lower interest rates in September.­

Published in Dawn, July 26th, 2024