Oil prices rise

18 August, 2019 12:00 AM printer

NEW YORK: Oil prices rose on Friday as strong U.S. data eased investors’ worries over a possible economic recession.

U.S. consumers’ spending increased in July, as retail and food services sales rose 0.7 percent to 523.5 billion U.S. dollars, the Department of Commerce said on Thursday, reports Xinhua.

However, the gains were capped as the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for world oil demand growth in 2019 by 40,000 barrels per day to 1.1 million barrels year on year.

For 2020, world oil demand is expected to grow by 1.14 million barrels per day, in line with last month’s projection, according to OPEC in its monthly oil market report.