Oil prices settled higher today, with Brent notching its first weekly gain in three weeks as economic indicators from the US and China bolstered hopes for higher demand. Chinas industrial output rose 6.7% year over year as a recovery in its manufacturing sector gained pace. Declines in oil and refined product inventories at global trading hubs have also created optimism about demand, reversing a trend of rising stockpiles that had weighed heavily on crude oil prices in previous weeks. Recent U.S. economic indicators have fed into the optimism over global demand for oil. U.S. consumer prices rose less than expected in April, data showed on Wednesday, boosting expectations of lower interest rates. “Consumer prices were not as bad as expected,” said Tim Snyder, economist at Matador Economics. “It gave the U.S. a little bit of a boost.” WTI traded up $.83 or 1.1% to close at $80.06. Brent traded up $.71 or .9% to close at $83.98.