Summary Oil prices moved higher with support from better-than-expected data on Chinese growth.
NEW YORK (AFP) - Oil prices moved higher on Tuesday with support from better-than-expected data on Chinese growth in the third quarter, especially a pickup in industrial output.
But the generous supplies of crude on the global market continued to limit any price gains.
US benchmark West Texas Intermediate (WTI) for November delivery added 10 cents to close at $82.81 a barrel.
Brent North Sea crude for December rose 82 cents to $86.22 in London trade.
China s third-quarter economic growth rate came in at 7.3 percent, the lowest pace in five years, but faster than many analysts had expected.
Daniel Ang, investment analyst with Phillip Futures in Singapore, said traders were cheered by China s data for industrial production in September: output rebounded to an 8.0 percent year-on-year pace, after sinking to a five-year low of 6.9 percent in August.
"Industrial production is a good indication of crude oil demand from China," Ang said, although he added that it remained to be seen whether the September gains would be sustained in the coming months.
Carl Larry of Oil Outlooks and Opinions said the WTI price gain was limited by worries about another rise in the US government s weekly oil stockpiles report on Wednesday.
"There is some inventory nervousness, anticipation of a build in crude (stocks) tomorrow."
