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Oil prices dip as China posts slowest GDP growth in almost 3 decades


Friday, 18 October 2019 13:25 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil prices fell on Friday after China, the world’s largest oil importer, 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 fell by 34 cents, 0.6%, to $59.57 a barrel by 0350 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down by 12 cents, or 0.2%, to $53.81 per barrel.

In the third quarter, China's economic growth slowed to 6% year-on-year, its weakest pace in 27-1/2 years and below expectations, dogged by soft factory production amid ongoing trade tensions with United States and sluggish domestic demand.

Crude demand growth tends to closely follow economic growth.

Source : Reuters


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