Oil Set for Weekly Loss as China Growth Slows, U.S. Supply Jumps - Bloomberg:
Oil headed for a weekly loss amid swelling U.S. crude inventories, concerns over the demand outlook and the ongoing struggle between Washington and Beijing to finalize a trade deal.
Futures in New York traded near $54 a barrel on Friday and are down 1% for the week. China’s economy expanded at the slowest pace since the early 1990s last quarter, data showed on Friday, more evidence that the trade war is taking a toll on global growth. American crude inventories climbed last week by the most in almost six months, though stockpiles of refined fuels shrank, according to the Energy Information Administration.
Oil headed for a weekly loss amid swelling U.S. crude inventories, concerns over the demand outlook and the ongoing struggle between Washington and Beijing to finalize a trade deal.
Futures in New York traded near $54 a barrel on Friday and are down 1% for the week. China’s economy expanded at the slowest pace since the early 1990s last quarter, data showed on Friday, more evidence that the trade war is taking a toll on global growth. American crude inventories climbed last week by the most in almost six months, though stockpiles of refined fuels shrank, according to the Energy Information Administration.
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