Oil Rises Above $80 a Barrel as Equities Climb in Risk-On Rally
- WTI advance accelerates after prices top key technical level
- China retail data beats estimates, industrial figures miss
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Oil climbed, building on its biggest weekly advance since early April and extending a short-covering rally, helped by risk-on sentiment in broader markets.
West Texas Intermediate settled above $80 a barrel for the first time in a month, with the gain accelerating after prices broke through their 200-day moving average. Crude also got a lift from a rally in equities amid a dearth of supply and demand cues.