The sentiment on the commodity market is positive on Friday after renewed hopes that the Chinese government will introduce more stimulus measures to support the economy.

A barrel of the European reference oil, Brent, costs USD 80.47 on Friday morning, compared to USD 79.69 on Thursday afternoon. At the same time, US West Texas Intermediate (WTI) oil is trading at USD 76.45 compared to USD 75.59 on Thursday afternoon.

Weak economic data from China has affedted the market during the week. According to Reuters, disappointing growth in the country’s gross domestic product in the second quarter reduces the likelihood of the economy reaching the government’s annual growth target of 5 percent.

Therefore, the government will now initiate more measures to stimulate growth across ten sectors and increase support for private companies, Reuters writes.

In addition, prices are supported by the fact that data from the US has shown slowing inflation and moderate job growth. This has helped convince more investors that the US Federal Reserve’s expected rate hike in July will be the last in the current tightening cycle.

While according to a note from ANZ Bank, ”supply cuts from Saudi Arabia and Russia have been the trigger for the price rally this month,” as cited by Reuters.