Crude Oil Trades Near One-Week High as Japan's Economy Beats Forecasts - Bloomberg

Oil traded near its highest in a week as data showing Japan ’s economy performed better than forecast allayed concerns that the global recovery has faded.

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Futures rose as much as 0.7 percent in London and 0.5 percent in New York after falling in each of the past three weeks. Japan’s economy shrank at an annualized 1.3 percent rate in the second quarter, compared with the median forecast for a 2.5 percent drop in a Bloomberg News survey of 25 economists. Reports this week may show the U.S. housing industry remained depressed in July and European growth eased last quarter. Crude for September delivery on the New York Mercantile Exchange was up 41 cents at $85.79 a barrel at 9:25 a.m. London time. The contract rose to a one-week high $87.37 on Aug. 12. Prices have fallen 14 percent in the past three weeks and 6.1 percent this year.

Crude Oil Trades Near One-Week High as Japan's Economy Beats Forecasts - Bloomberg