Oil prices inch up on China stimulus hopes

Oil   Oil
By The Associated Press on August 9, 2012

NEW YORK (AP) — The price of oil rose a penny Thursday after China said factory production grew at a slower pace in July and retail sales weakened. That's renewing expectations for government action to boost the world's second-biggest economy.

Benchmark oil added 1 cent to settle at $93.36 per barrel in New York. Brent crude, which is used to price international varieties of oil, gained $1.08 to $113.22 per barrel in London.

Tags: 
oil prices
Brent crude
China
fiscal stimulus
Europe
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