The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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Crude prices rose on Tuesday as U. S. retail sales and Germany's GDP data beat expectations, while oil supplies tended to tighten further on geopolitical tension and production declines in the North Sea.
Crude prices climbed after the Commerce Department reported that U.S. retail sales increased for the first time in four months by 0.8 percent in July, beating market's estimation.
And a separate report showed, although Germany's gross domestic product growth rate slowed to 0.3 percent in the second quarter, still beating expectations. Meanwhile, French GDP was unchanged in the quarter, better than the 0.1-percent contraction economists had predicted.
Besides the better-than-expected data, the market sentiment seemed to be upbeat on hopes for more stimulus plans both from the United States and China.
Investors were waiting for Federal Reserve Chairman Ben Bernanke's speech in Jackson Hole on August 31, hoping for QE3 that could boost the sluggish economy.
China was also expected to act in response to a string of economic slowdown signs. Investors thought that the new stimulus measures might raise demand for energy.
On the supplies side, the continuing Middle East tension and already declined production in North Sea caused by heavy maintenance on key producing fields kept weighing and offered supports.
"U.S. crude stocks declined strongly and largely due to a drop Alaskan production," said Harry Tchilinguirian, an oil analyst at BNP Paribas.
Light, sweet crude for September delivery added 70 cents, or 0. 75 percent, to settle 93.43 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for September delivery inched up and last traded around 114 dollars a barrel.
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