Oil Prices Fluctuate Amidst China's Economic Growth and Middle East Tensions

Crude oil prices were on the rise earlier today as China reported strong retail sales and GDP growth figures. However, benchmarks remained on course for a substantial weekly loss after their fast jump last week as focus on demand once again outweighed any geopolitical worry. The U.S. Energy Information Administration’s latest weekly oil inventory report helped fuel a relatively bullish sentiment, helping the benchmarks higher as it reported yet another weekly draw, but it appears that demand remains a bigger priority for traders. The focal…