Oil prices fell on Friday after China, the world's largest oil importer, re...
SEOUL - 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.
U.S. West Texas Intermediate crude CLc1 futures were down by 12 cents, or 0.2%, to $53.81 per barrel. Although China’s third-quarter GDP growth was slightly below expectations, Michael McCarthy, chief market strategist at CMC Markets in Sydney, said it was not “a shock to traders and oil trading volumes are low,” as the weak data had been expected.
U.S. crude inventories increased by 9.3 million barrels in the week ended Oct.11, compared with analysts’ expectations for an increase of 2.9 million barrels.
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