Oil rises on strong economic growth in US

26/07/2024 Argaam

Oil drilling rigs

Oil prices rose on Friday after official data released on July 25 showed higher-than-expected growth in the US economy in the second quarter of the year, boosting investor optimism about the demand outlook for crude oil.

 

Brent crude futures for September delivery rose by 0.15% to $82.49 a barrel at 08:19 am KSA time.

 

Meanwhile, US West Texas Intermediate (WTI) crude futures for September delivery rose by 0.18% to $78.42 a barrel.

 

Official data showed that the US real gross domestic product (GDP) grew by 2.8% in the second quarter, up from 1.4% in the first quarter and compared to expectations of 2.1% growth.

 

This boosted investor confidence regarding the continued momentum of the US economy despite the monetary tightening cycle and strong energy demand in the world's largest economy.

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