WTI Crude Oil Retakes $87 following China GDP (USO) (OIL) (UCO)

July 13, 2012 7:31 AM EDT
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United States Oil (NYSE: USO) is expected to open higher on Friday as the price of WTI retakes $87 per barrel. For now markets are relieved by the release of China GDP data which showed growth in the country was 7.6 percent in the second quarter. Considering the recent slow down in Europe, many analysts were worried that the numbers in China would be worse than expected.

With GDP at three year lows, the numbers clearly aren't stellar, but they aren't a complete disaster either, and many are hopeful that stimulus in the country will help turn the tide in China later this year.

Crude oil futures and copper futures are reacting to the data by posting solid gains of 1.15 percent and 1.90 percent, respectively.

Brent crude is testing recent highs and is trading just above $102. Possible supply shortages caused by technical glitches at an oil field in Britain helping to tighten markets.

United States Oil (NYSE: USO) is higher by 3.54 percent this month, recovering slightly after a brutal selloff in the second quarter.

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