Oil prices rise on encouraging U.S. retail sales data

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Oil prices gained on Tuesday as U. S. retail sales increased in July.

U.S. retail and food services sales edged up 0.2 percent to seasonally adjusted 424 billion dollars in July, followed a 0.6 percent gain in June, the Commerce Department said Tuesday. The figure of July represented a 5.4-percent gain from a year earlier.

The upbeat retail sales data signaled improving economy and acceleration in consumer spending that could bolster the oil consumption.

Moreover, American small business optimism sighed in July, with the monthly Small Business Optimism Index increasing 0.6 point to 94.1, the National Federation of Independent Business reported Tuesday.

On the Europe economic front, the ZEW Center for European Economic Research's index of German investor and analyst expectations rose to 42 in August, more than the 39.9 market forecast.

Oil prices were also underpinned on Libya oil supply disruption. A port official said, the Es Sider port was closed amid ongoing protest. Interruptions at ports across Libya lowered the country's oil production to 800,000 barrels a day in July.

Light, sweet crude for September delivery rose 72 cents to settle at 106.83 dollars a barrel on the New York Mercantile Exchange.

Brent for September delivery went up 85 cents, to close at 109. 82 dollars a barrel.

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