Brent crude futures were up 84 cents to $74.04 a barrel at 0959 GMT, while U.S. West Texas Intermediate crude rose 77 cents to $69.04
Oil prices rose on Thursday after a plunge the previous day, as data showed a jump in refinery runs at the world’s top crude importer China, but a weak economic backdrop capped gains.
But a weak economic outlook weighed, as China’s industrial output and retail sales growth in May missed forecasts. The European Central Bank is expected to increase the deposit rate by 25 basis points to 3.5 per cent later in the day, the highest level in 22 years, and leave the door open to further hikes.
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