Oil Prices Rise at Settlement

Oil prices rose at settlement at the end of Thursday's trading, after strong US economic data boosted expectations of higher demand for crude, but concerns about lower Chinese oil imports limited gains. Brent crude futures for September delivery rose 66 cents, or 0.81 percent, at settlement to $82.37 a barrel. US West Texas Intermediate crude futures for September delivery also rose 69 cents, or 0.89 percent, to $78.28 a barrel. Both crudes had fallen more than $1 a barrel earlier in the session. US Commerce Department data showed earlier Thursday that the US economy grew faster than expected in the second quarter as inflation eased, boosting expectations that the Federal Reserve (US central bank) will cut interest rates in September. Source: Qatar News Agency