Oil prices crept up on Friday, buoyed by economic stimulus in slow-recovering China and falling inventories in the U.S..

Brent futures were up 65 cents to $80.29 a barrel by 0817 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 64 cents to $76.29 a barrel. Prices closed marginally higher on Thursday.

China's weak economic figures had kept a lid on prices through the week. The world's second biggest oil consumer this week posted disappointing growth in second-quarter gross domestic product, increasing the likelihood the economy will miss the government's 5% annual growth target.

However, sentiment across commodity markets has picked up on hopes the central government would roll out stimulus measures. On Friday, Chinese authorities unveiled plans to help boost sales of automobiles and electronics to shore up its sluggish economy.

Meanwhile, recent U.S. data, including lower-than-expected inflation and moderating job growth, have convinced many investors and analysts the Federal Reserve's expected July rate hike will be the last of its current tightening cycle.

Source : Reuters