Oil rises as Chinese economic indicators offer mixed picture

News Snapshot:

Oil prices rose on Tuesday after China cut benchmark lending rates in a potential boost to growth but oil demand was seen rising less than expected this year, in a mixed picture for consumption by the world’s largest crude importer. Brent crude was up 69 cents, or 0.9 per cent, at $76.78 a barrel at 1226 GMT. U.S. West Texas Intermediate (WTI) crude for July was down 3 cents from Friday’s close at $71.75. The July contract expires at the end of trade on Tuesday. The more active WTI crude contract for August delivery was up 10 cents from Friday...