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Oil Retreats, Contributing to a Weekly Loss as China Data Revive Worries About Demand


Saturday, 19 October 2019 03:44 WIB

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Oil futures finished lower on Friday, giving up earlier gains to build a loss for the week, as data showing slower Chinese economic growth fed worries about weaker demand for oil and a recent report revealed a fifth consecutive weekly rise in U.S. crude inventories.

However, support tied to progress toward deals on U.S.-China trade and Brexit, as well as a weekly fall in U.S. petroleum-product inventories limited losses for prices.

China's National Bureau of Statistics released data Friday showing slower-than-expected growth by China's economy. Gross domestic product expanded at a 6% pace in the third quarter, the slowest in 27 years.

West Texas Intermediate crude for November delivery fell by 15 cents, or 0.3%, to settle at $53.78 a barrel on the New York Mercantile Exchange, prompting the U.S. benchmark to post a 1.7% weekly decline, according to Dow Jones Market Data. The global benchmark, as measured by December Brent crude lost 49 cents, or 0.8%, at $59.42 a barrel, off 1.8% for the week.

Source : Marketwatch


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