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Oil up around $73 per barrel

Oil prices rose to around $73 a barrel on Friday, lifted by slightly better GDP and jobs data out of the United States, although still rangebound over the week. U.S. crude for October CLc1 gained 32 cents to $72.87 a barrel by 1221 GMT.

London Brent LCOc1 rose 47 cents to $72.98.Data on Friday showed the U.K. economy shrank slightly less than expected in the second quarter after official statisticians upgraded their estimates of industrial output.

The British data follows Thursday numbers out of the U.S. showing a similar less-than-expected GDP Q2 decrease in the world’s largest economy, as well as fewer workers filing new claims for jobless benefits last week.”The US GDP was not revised lower (which was a positive surprise), the weekly jobless numbers provided no surprises … the issuance of green shoots continues,” Olivier Jakob at PetroMatrix wrote in a note.

The dollar rose against a basket of major currencies, recovering somewhat from overnight losses, while the commodity-related Australian dollar edged higher against the yen.”The Dollar Index is not able to (set a) trend and after a strong rebound on Wednesday it had a strong correction yesterday. It is hovering around the 78.300 level and its current gyration is not helping crude oil to trade outside of a range,” Jakob said.


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