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Oil prices edge up on strong China demand, signs of U.S. output slowdown

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices inched up on Monday, supported by a slowdown in the growth of rigs looking for crude in the United States and because of strong refinery demand from China.Brent crude futures were at $49.02 per barrel at 0656 GMT, up 11 cents, or 0.2 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $46.64 per barrel, up 10 cents, or 0.2 percent.The slight rises extended strong gains from last week. The climbing prices were a result of strong demand as well as signs that relentless growth in U.S. oil production was ...

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First Published: Mon, July 17 2017. 12:54 IST