Oil rises on Chinese data, but gains curbed as Iran tensions ease

Global oil prices rose in European market on Monday, as US crude resumed its rise, which was temporary halted on corrections and profit-taking, and as Brent continues to rise for the fifth consecutive day, after Chinese data on industrial production, retail sales and oil refining impact on the growth of the Chinese economy during the second quarter to the lowest pace in 27 years, while gains remain curbedas Iran tensions ease after the recent statements of the Iranian president, Hassan Rouhani.

By 12:05 GMT, US crude rose to $60.40 per barrel from the opening of $60.30, and recorded a high of $60.44, with the lowest level at $59.87.

Brent rose to $67.10 per barrel from the opening of $66.93 and recorded a high of $67.16 and a low of $66.40.

US crude lost 0.3% on Friday, the first loss in four days, on correction and profit taking, after hitting a seven-week high of $60.92 per barrel the previous day.

On the other hand, Brent crude rose 0.2%, the fourth consecutive daily gain, and the longest daily gains streak since April.

Global oil prices rose an average of 4% over the past week, the third weekly gain in a month, as concerns over the supply gap in the United States declined.

In China, industrial production posted a growth of 6.3% in June, exceeding experts 'expectations of 5.2%, the industrial production posted a growth of 5% and the retail sales rose 9.8%, better than economists' forecast of 8.5%, and the 8.6% in May.

China's refinery output rose to a record 13.07 million barrels per day in June, beating the previous record of 12.68 million barrels in April, as this new jump is due to the launch of two new refineries.

The impact of these data on the growth of the Chinese economy at the lowest pace in 27 years, as the GDP grew by 6.2% in the second quarter, which is the lowest growth rate since 1992, according to experts' forecasts of a growth by the same rate, while the economy grew by 6.4% in the first quarter.

Meanwhile, Iranian President Hassan Rouhani said in a televised speech on Sunday that his country is ready to hold talks with the United States if Washington lifted economic sanctions and returned to the 2015 nuclear agreement it withdrew from last year.