Japanese growth lifts oil prices

miércoles 20 de mayo de 2015 

Strong growth in the Japanese economy helped crude oil prices recover from an early-week slump with major indices gaining more than 1 percent early Wednesday.

Japan's Cabinet Office reported real gross domestic product grew by 2.4 percent from January through March, an improvement over the revised 1.1 percent reported from October through December.

Japan, the world's third largest economy, announced in February it exited two quarters of consecutive recession. Gross domestic product during fourth quarter grew by 2.2 percent, but the pace was subdued by a decrease in consumer spending.

The price for Brent crude oil, which suffered heavy losses in Tuesday trading, gained 1.3 percent from the previous close to fetch $64.87 per barrel early in the Wednesday session. Brent started May at around $66.16 per barrel.

Japan beat out the United States and European Union in terms of GDP growth. Eurostat, the statistical office of the EU, said last week GDP increased by 0.4 percent for the 19 central economies in the region during the first quarter of the year. Quarterly, the European economy grew faster than the United States.

West Texas Intermediate, the U.S. oil standard, increased nonetheless to $58.68 per barrel, a 1.2 percent gain from the previous close.

The Organization of Petroleum Exporting Countries said in its market report for May that demand from Japan was faltering, though expected growth during the latter part of the year could help support global economic expansion.

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