Oil benchmark Brent above $84 on perky demand signals

LONDON (Reuters) -Global benchmark Brent hovered above $84 a barrel on Friday after data this week signalled growing demand in the U.S. and China, the world’s two largest crude users, while festering conflict in the Middle East added support.

Brent futures were up 50 cents to $84.38 a barrel at 1130 GMT. U.S. West Texas Intermediate crude climbed 57 cents to $79.83.

Falling U.S. crude inventories spurred by higher refinery runs coincided with data released on Thursday showing China’s oil imports in April were higher than last year on signs of improving trade activity.

China’s exports and imports returned to growth in April after contracting in the previous month.

“Ongoing signs of strength in demand in China should see commodity market remain well supported,” ANZ Research analysts said in a note.

Focus is also on U.S. inflation data – due next week – which could affect the Federal Reserve’s interest rate policy path.

Source: INVESTING