Oil prices remain steady ahead of frail stats on China growth
TOKYO- Oil prices were steady on Friday as market participants awaited for figures disclosing China’s economy is on its slowest in 29 years, with gains being the current safe haven following Washington and Beijing’s settlement of phase 1.
Brent LCOc1 advanced further with 3 cents, equivalent to $64.65 by 0123 GMT after its well-ended session last Thursday. US crude CLC1 raked in 6 cents quoting $58.58 per barrel, following its previous session with 1% gain.
Implications of the months-long trade deal between two of the world’s largest economies will be revealed in China’s official 2019 economic statistics, to be released at 0200 GMT.
“The next big move for crude may need to come (from) an improving global outlook that may require further stimulus from Europe,” where growth has been less than stellar, said Edward Moya senior market analyst at OANDA.
Prices were restricted after the International Energy Agency forecasted that oil production would surpass demand for crude.