NEW YORK, May 13 (UPI) -- Signs of life in the European economy trumped concerns about an energy market tilted toward the supply side, lifting crude oil indices in Wednesday trading.
Eurostat, the statistical office of the European Union, said seasonally adjusted gross domestic product increased by 0.4 percent for the 19 central economies in the region during the first quarter of the year. That's up from the 0.3 percent growth in the fourth quarter and 1 percent higher than the first quarter of 2014.
Quarterly, the European economy grew faster than the United States, though U.S. GDP is up 3 percent year-on-year, Eurostat said.
The Organization of Petroleum Exporting Countries said in its latest monthly market report world economic demand was revised downward because of sluggish growth in the United States.
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Brent crude oil prices were supported in part by the European momentum, gaining 1 percent from the previous close to $67.55 per barrel in early Wednesday trading. Brent prices are up 2.1 percent for the month.
Crude oil prices plummeted in the latter half of 2014 as U.S. production pushed markets toward the supply side. Steady improvements in the global economy helped oil prices recover from early 2015 lows below the $50 per barrel mark.
West Texas Intermediate, the U.S. benchmark, gained 1.4 percent from the previous close to sell for $61.62 per barrel, up 4.1 percent since May 1.
Despite a slow U.S. economy, OPEC raised its expectation of global oil demand for 2015 to 1.18 million barrels per day, up from the 960,000 bpd growth last year.
The International Energy Agency said crude oil stocks continue to build as world economic momentum shows a lack of balance.
