Oil rises, but gains capped by weak China growth data

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $53.63 a barrel, up $0.36, or 0.7%, in the Globex electronic session. May Brent crude on London’s ICE Futures exchange rose $0.44, or 0.7%, to $60.25 a barrel.

Oil prices have gained for the last four consecutive trading sessions, helped by signals of peaking U.S. oil production. Oil ended higher Tuesday on the back of a weaker dollar and short covering ahead of the expiration of the May contract for Brent crude later today.

But Brent crude remained under the $60 mark. China’s National Bureau of Statistics said the country’s gross domestic product grew by 7.0% from a year earlier in the first quarter, slowing from 7.3% in the fourth quarter.

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