On the New York Mercantile Exchange light, sweet crude futures for delivery in May traded at $103.81 a barrel at 0515 GMT, up $0.06 in the Globex electronic session. June Brent crude on London’s ICE Futures exchange fell $0.16 to $109.20 a barrel. China’s gross domestic product rose 7.4% on year in the first quarter–down from 7.7% growth in the fourth quarter last year, China’s National Bureau of Statistics said Wednesday. The reading was slightly higher than a median 7.3% gain forecast by a Wall Street Journal poll of 16 economists. “The data is better than expected, but could only have a minor positive impact,” said Gnanasekar Thiagarajan, Director of Commtrendz Research in Mumbai. “The upside [for oil] seems limited due to abundant supplies.” Crude-oil prices remain elevated although they have declined from their earlier highs of this month. Prices had surged on rising geopolitical tensions in Ukraine. Oil […]