Scepter Holdings Inc. (BRZL)

[bayarea]

Oil prices were on the rise this afternoon after the Chinese government said that the country’s fuel consumption rose 7.2 percent in the first half.

The data was seen as a sign that demand for oil from the world’s second largest energy consumer is rising despite a string of monetary tightening moves by the Chinese government in an attempt to curb inflation.

In addition to the Chinese data, oil prices were supported by expectations of a decline in US oil inventories and today’s rally in stock markets in Europe and the US.