MTECHTIPS;-Oil prices steady, all eyes on data seen showing China GDP growth slowdown

MTECHTIPS;-Oil prices steady, all eyes on data seen showing China GDP growth slowdown MTECHTIPS-Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States. Global benchmark Brent crude oil futures LCOc 1 fell by 9 cents, 0.2%, to $59.82 a barrel by 0039 GMT. U.S. West Texas Intermediate (WTI) crude CLc 1 futures were up by 4 cents, or 0.07%, to $53.97 per barrel. Analysts polled by Reuters expected China's gross domestic product (GDP) to grow 6.1% in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record. Chinese government is due to release its third-quarter GDP data at 0200 GMT, along with other indicators for September. With all eyes on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures. "The release of fixed asset investment and industrial activity (data) in China will set the tone in commodity markets," ANZ Bank predicted in a note. Adding to downward pressure, U.S. crude oil stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday. EIA/S U.S. crude inventories increased by 9.3 million barrels in the week ended Oct.11, compared with analysts' expectations for an increase of 2.9 million barrels. MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on Oct 18 2019 12:54PM, by MTECHTIPS in Commodity tips| Share This

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