* China Q2 GDP up 7.5 pct yr/yr, in line with expectations* Big hedge funds build a near-record long position in U.S. oil* Israel’s Netanyahu says Iran closer to nuclear ‘red line’* Coming up: U.S. retail sales; 1230 GMT (Adds comments, updates prices)By Manash...UPDATE 2-Brent rises to near $109 as China growth meets forecast
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