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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


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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