Oil prices rise for a third day

Oil prices rose for a third straight day on Friday after China said its economy grew as expected in the second quarter.It was the slowest pace since 2009. Still, the 7.6 percent growth rate was enough to calm analysts, who feared worse results, given a recent decline in manufacturing activity. China is the worlds second-largest oil consumer behind the U.S.Were breathing a sigh of relief here, independent analyst Jim Ritterbusch said. The market was looking for some bad numbers.As Chinas economy slows, analysts said the U.S. and other countries will likely pursue new measures to spark growth.Benchmark U.S. crude rose 72 cents to $86.80 per barrel in early afternoon trading in New York, while Brent crude increased $1.05 to $101.33 per barrel in London.Simmering tensions over Irans nuclear program also helped push up oil prices. Iranian media said the countrys military has improved the accuracy and firing capabilities of its missiles, confirming a Pentagon report last month that Iran has made significant military advances.The reports followed new U.S. sanctions announced Thursday against companies and people connected to Irans defense ministry.Iran has been sparring with the West as the U.S. and other nations try to force Iran to reveal more about its nuclear program. Iran has resisted and threatened to block a crucial Persian Gulf oil route.In other futures trading, heating oil rose 2 cents to $2.79 per gallon and wholesale gas added a penny to $2.82 per gallon. Natural gas fell by 1.4 cents to $2.86 per 1,000 cubic feet.