Oil Prices Rise Amid Mixed China Data and OPEC+ Production Plans

Oil prices experienced their largest weekly gain since early April as traders digested mixed economic data from China and OPEC+ clarified its production plans. Brent crude rose to over $82 a barrel, marking a 3.8% increase, while West Texas Intermediate settled above $78. The gains were fueled by signs of strengthening fuel markets and seasonal demand, despite slower growth in China's industrial output and fixed-asset investment, and a decline in oil refining rates. Analysts expect oil stockpiles to decrease significantly in the third quarter, potentially tightening the market further. However, concerns remain over China's economic outlook and increasing global oil supplies, which have led to a retreat in crude prices since mid-April.