Oil price rises further to $ 87

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LONDON, April 30 (AFP): Oil prices rose further on Friday but gains were capped by weaker-than-expected growth data in the United States, the world's biggest energy consuming nation, traders said.
Brent North Sea crude for June delivery climbed 13 cents to 87.03 dollars a barrel in afternoon London trade.
New York's main contract, light sweet crude for June, gained 45 cents to 85.62 dollars.
The US economy grew 3.2 percent in the first three months of this year as consumer spending ticked up, the Commerce Department said on Friday.
Growth was fuelled by an increase in spending and exports, but offset by increased imports and reduced state and local government spending.
The first estimate for gross domestic product was just below market expectations for growth of 3.3 percent.
The rate of growth is well down on the final quarter of 2009, when growth was estimated at 5.6 percent, the strongest growth in six years.
Crude futures had soared higher on Thursday, in line with rising equity markets, strong jobs data, a weaker dollar and easing concerns about Greece.
Prices were also supported on Friday by rising equity markets in Asia and Europe after a rally on Wall Street amid encouraging US company results.
Falling claims for US unemployment benefits had lifted world oil prices on Thursday.
The US Labor Department said initial jobless claims fell for the second straight week, by 11,000, in the week ending April 24.
The claims were higher than expected but the data still "suggests some sort of recovery in the US economy, giving support to crude oil prices," Serene Lim, a Singapore-based analyst with the ANZ bank, told AFP.
Lim and other analysts said news that a bailout package for crisis-hit Greece could be reached soon was also seen to boost global financial markets and oil prices.
"Risk appetite returned to global markets ... on hopes that political momentum is gathering in Europe to provide a substantial aid package to Greece in the immediate future," said Dariusz Kowalczyk, chief investment strategist at SJS Markets Ltd in Hong Kong.
"There was a clear change of rhetoric coming from EU leaders away from setting conditions on aid towards a recognition that something must be done soon to prevent further contagion," he said in a note.
Greece is in negotiations with the European Union and the International Monetary Fund on a financial bailout that its government says is desperately needed by May 19 in order to avoid a devastating debt default.