Oil prices rose Friday as better-than-expected Chinese economic data boosted expectations for oil demand from that nation, the world’s No. 2 oil consumer. But U.S. drilling data showed an uptick in the number of rigs drilling for oil in the U.S., capping price gains. U.S. oil for August delivery settled up 27 cents, or 0.6%, at $45.95 a barrel on the New York Mercantile Exchange. Prices rose 1.2% this week. Brent, the global benchmark, rose 24 cents, or 0.5%, to $47.61 a barrel on ICE Futures Europe, posting a 1.8% weekly gain. Oil demand has been robust this year because of relatively low prices around the world, even as a persistent oversupply of crude has kept prices subdued. Oil traders have closely watched China for signs of whether the country’s crude consumption is set to slow amid worries about its economic growth. China’s National Bureau of Statistics said […]