Oil prices were stable on Friday ahead of data that analysts say could show Chin...
SEOUL - Oil prices were stable on Friday ahead of data that analysts say could show China, the world’s largest oil consumer, just 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 LCOc1 fell by 9 cents, 0.2%, to $59.82 a barrel by 0039 GMT.Analysts polled by Reuters expected China’s gross domestic product to grow 6.1% in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record.
With all eyes on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures. Adding to downward pressure, U.S. crude oil stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday.
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