SINGAPORE: Oil reversed earlier losses to rise in Asian trade Monday after China's economy grew in line with market expectations for the April-June quarter.
New York's main contract, West Texas Intermediate (WTI) for delivery in August, was up 22 cents to $106.17 a barrel in mid-afternoon trade, while Brent North Sea crude for August climbed six cents to $108.87.
Earlier losses were erased by the news out of Beijing, which showed gross domestic product expanded 7.5 percent in the second quarter, slower than the 7.7 percent growth in the previous three months, the National Bureau of Statistics said in Beijing.
The slowdown came amid increasing worries over the health of the Asian economic giant, which is a crucial driver of global growth.
But Kelly Teoh, market strategist at IG Markets Singapore, said the fact the figure was in line with forecasts provided support to crude prices.
"The main thing is that it didn't miss the estimates," she told AFP.
Beijing also unveiled figures showing an increase in wages, which Teoh said was in line with the government's efforts to boost domestic consumption as an economic driver to take up the slack from slowing exports.
She also pointed to a 13.3 percent year-on-year rise in retail sales in June as a positive sign for domestic demand in the world's biggest energy consumer.
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