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Oil posts second straight week of declines as global demand concerns weigh


Saturday, 18 January 2020 03:02 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil prices steadied on Friday as sluggish economic growth in China, the world's biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-U.S. trade deal.

Brent crude futures gained 25 cents to trade at $64.87 per barrel. U.S. West Texas Intermediate crude futures gained 2 cents to settle at $58.54. For the week, Brent fell 0.2%, while WTI lost 0.8%.

China's economy, the world’s second-largest, grew by 6.1% in 2019, its slowest expansion in 29 years, government data showed on Friday.

In 2019 Chinese refineries processed 651.98 million tonnes of crude oil, equal to a record high 13.04 million barrels per day (bpd) and up 7.6% from 2018, government data showed. Throughput also set a monthly record for December.

Source : Reuters


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