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1st LD Writethru: Oil prices extend rally

Xinhua, August 29, 2015 Adjust font size:

Oil prices continued to rally Friday for the second day amid upbeat economic data.

On the economic front, U.S. personal income increased 0.4 percent, and disposable personal income rose 0.5 percent, in July, according to the U.S. Commerce Department Friday.

Personal consumption expenditures increased 0.3 percent in July after an upwardly revised 0.3 percent rise in June.

The U.S. Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, much higher than a growth of 0.6 percent in the first quarter.

Oil prices soared Thursday to the biggest one-day increase since 2008, also boosted the resurgent of global equity market.

The tightened geopolitical situation in the Middle East also boosted the market. Saudi Arabian troops Wednesday have crossed into northern Yemen for the first time since the conflict with Houthi rebels began in March.

The West Texas Intermediate for October delivery moved up 2.66 U.S. dollars to settle at 45.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased 2.49 dollars to close at 50.05 dollars a barrel on the London ICE Future Exchange. Endit