Oil prices advance on hopes for demand boost in northern hemisphere

News Snapshot:

Oil prices advanced on Monday on hopes for a demand boost during the summer season in the northern hemisphere. At 1212 GMT, the benchmark Brent crude futures were higher by 33 cents, or 0.4 per cent, to $82.95 a barrel. US West Texas Intermediate crude futures added 25 cents, or 0.3 per cent, to $78.70. Traders also weighed a raft of data from China. The industrial output and fixed asset investment posted slower growth, and oil refining also dropped to the lowest rate this year after more oil refineries were closed for maintenance. Last week, both benchmarks had gained on...