Oil steady as sluggish China growth offsets trade deal optimism - Reuters:
Oil prices were steady on Friday as reports of sluggish economic growth in China, the world’s biggest crude importer, raised concerns about fuel demand which countered optimism from the signing of a Sino-U.S. trade deal this week.
The world’s second-largest economy grew by 6.1% in 2019, its slowest expansion in 29 years, government data showed on Friday.
“A well-expected fourth-quarter China GDP rate (6%) provided little clue for oil price trading on Friday morning, and mounting downward economic pressure will perhaps limit oil’s upside in the mid- to long-term,” said Margaret Yang, market analyst at CMC Markets.
Brent crude futures LCOc1 were up 12 cents to $64.74 by 0735 GMT, after gaining nearly 1% on Thursday.
U.S. West Texas Intermediate futures CLc1 were up 11 cents at $58.63 a barrel, having risen more than 1% in the previous session.
No comments:
Post a Comment