Oil Ends Week Steady as China Growth Offsets Trade Deal Optimism
Oil prices edged higher on Friday but were set to end the week broadly steady as sluggish economic growth in China, the world’s biggest crude importer, raised concerns about fuel demand and countered optimism from the signing of a China-U.S. trade deal, Reuters reports.
The world’s second-largest economy grew by 6.1% in 2019, its slowest expansion in 29 years, government data showed on Friday.
"A well-expected fourth-quarter China GDP rate (6%) provided little clue for oil price trading on Friday morning, and mounting downward economic pressure will perhaps limit oil’s upside in the mid- to long-term," said Margaret Yang, market analyst at CMC Markets.
Brent crude futures LCOc1 were up 44 cents at $65.06 by 1014 GMT.
U.S. West Texas Intermediate futures CLc1 were up 35 cents at $58.87 a barrel.
Oil rose on Thursday after China and the United States signed their Phase 1 trade accord.
The mood was further boosted after the U.S. Senate approved changes to the U.S.-Mexico-Canada Free Trade Agreement.
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