Oil prices extend rally

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IANS | 31 Aug, 2015
Oil prices continued to rally on Friday for the second day amid upbeat economic data.

On the economic front, the US personal income increased 0.4 percent, and disposable personal income rose 0.5 percent, in July, Xinhua reported, quoting the US Commerce Department.

Personal consumption expenditures increased 0.3 percent in July after an upwardly revised 0.3 percent rise in June.

The US Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, much higher than a growth of 0. 6 percent in the first quarter.

Oil prices soared on Thursday to the biggest one-day increase since 2008, also boosted the resurgent of global equity market.

The West Texas Intermediate for October delivery moved up USD 2.66 to settle at USD 45.22 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased USD 2.49 to close at USD 50.05 a barrel on the London ICE Future Exchange.