Oil prices rise on strong Japan, Australia economic data

Crude oil prices bounced back on Wednesday from steep falls in the previous session as strong Japanese economic growth surprised markets and the consumer outlook in Australia seemed to brighten, stoking producer hopes of increased demand.

Japan’s economy, the world’s third largest, expanded at an annualised rate of 2.4 percent in the first three months of this year, above a median market forecast for a 1.5 percent rise and following a revised 1.1 percent expansion in October-December, official data showed.

Brent futures were up 60 cents at $64.62 a barrel by 0310 GMT. U.S. crude prices were also up 60 cents at $58.59 a barrel.

Japan’s weekly crude runs were at 3.02 million barrels per day for the week to May 16, official data showed Wednesday, up 0.12 percent from this time last year, although 0.17 percentage points below the previous week.

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Posted in: Indian Market Tips