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Oil gains as Chinese factory data boosts commodities

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Oil prices rose on Wednesday as strong Chinese factory activity boosted commodity markets and China's own crude production fell, but fast-growing U.S. output tempered gains.China beat forecasts with a 7.2 percent year-on-year rise in industrial output in the first two months of 2018, while data showed Chinese crude output fell 1.9 percent.Brent crude rose 29 cents to $64.93 a barrel at 1156 GMT, climbing from an earlier low of $64.43, while U.S. West Texas Intermediate (WTI) futures rose 46 cents to $61.17.ING commodities strategist Oliver Nugent said the ...

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First Published: Wed, March 14 2018. 17:45 IST