The China GDP data yesterday confirmed that the world’s fastest growing economy is running at great speed. Yes , the GDP in the last quarter has grown by a healthy 8.9% which is far higher than the targeted 8% by the Chinese government.
The data was enough to push crude oil prices to a new 12 month high of 82 dollars, and traders were expecting the prices to remain in the 70 dollars to 90 dollars level for the next two months.