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Oil price boosted by China growth

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Oil price boosted by China growth

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Oil traded near 18-month highs on Thursday as Chinese economic growth surged and after prices rose during the previous session as US government data showed a surprise 2.2 million barrel drop in crude stocks there. That was the first decline in 11 weeks.

There is now speculation that China, world’s second-largest oil consumer, will let its currency, the yuan, appreciate, increasing its purchasing power with regard to dollar-denominated commodities such as oil.

However the oil price rise was limited by strength in the dollar.