Gasoline rose after six consecutive days of losses as crude oil strengthened after China reported that industrial output expanded faster than anticipated and U.K. exports jumped.
Futures rose as much as 1.3 percent. Chinese factory production grew 9.7 percent in July from a year ago, government data showed today, compared with the 8.9 percent median estimate in a Bloomberg News survey of economists. U.K. exports rose to a record 78.4 billion pounds ($122 billion) in June. West Texas Intermediate for September delivery rose as much as 1.4 percent.
“The gasoline price this morning is being supported by crude oil, which is seeing good economic headlines out of the U.K. and China overnight,” said Andy Lipow, president of Houston-based Lipow Oil Associates LLC.
Gasoline for September delivery rose 1.86 cents, or 0.7 percent, to $2.8762 a gallon at 9:58 a.m. on the New York Mercantile Exchange. The volume of trade was 19 percent below the 100-day average.
The average pump price slipped an eighth consecutive day, dropping 1.2 cents to $3.577 a gallon, Heathrow, Florida-based AAA said today on its website.
Ultra-low-sulfur diesel for September delivery gained 0.46 cent to $2.962 a gallon on trading volume that was 20 percent below the 100-day average.
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