SINGAPORE (AP): Oil prices rose Friday in Asia after settling lower the previous session on slower-than-expected economic growth figures and profit-taking.
Light, sweet crude for October delivery rose 24 cents to US$73.60 a barrel in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore.
The contract fell 15 cents to settle at US$73.36 a barrel Thursday on concerns about the prospect of weakening demand after second-quarter gross domestic product in the U.S. rose 4 percent - slower than many analysts had expected. Jobless claims also rose unexpectedly last week to the highest level since spring.
Energy investors worry that a slower economy means less demand for oil and gasoline.
Gasoline and crude oil futures rose sharply Wednesday after the U.S. government reported surprisingly large declines in inventories of both and an unexpected drop in refinery activity.
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