China39;s May refinery runs rise 15.4 yy
China39;s economy slows in May, more stimulus expected
Motor vehicles, building materials lift US retail sales in May

SINGAPORE, June 16 Reuters Oil prices were set to snap a twoweek losing streak on Friday amid optimism about higher energy demand from top crude importer China and a weaker dollar.

Brent futures rose 20 cents, or 0.3, to 75.87 a barrel by 0632 GMT, while U.S. West Texas Intermediate WTI crude was 16 cents, or 0.2 higher, at 70.78 a barrel. Both benchmarks surged about 3 during the prior session.

Data on Thursday showed China39;s oil refinery throughput rose 15.4 in May from a year earlier, hitting its secondhighest total on record. Chinese demand for oil is expected to keep climbing at an assured rate during the second half of the year, Kuwait Petroleum Corp39;s CEO said.

In the United States, data released on Thursday showed retail sales unexpectedly rose in May, along with higherthanexpected jobless claims last week. The dollar , fell to a fiveweek low versus a basket of other currencies.

A weaker dollar makes oil cheaper for holders of other currencies, which could boost demand.

Analysts also expect voluntary crude output cuts implemented in May by the Organization of the Petroleum Exporting Countries and its allies, and by Saudi Arabia in July, to support prices.

Still, a weak economic outlook looms over market sentiment, as China39;s industrial output and retail sales growth in May missed forecasts….