Oil prices rose slightly on Friday as concern over an economic slowdown in China, the world’s biggest oil consumer, was countered by bullish signals from both the Chinese and US refining sectors. Erasing earlier losses, global benchmark Brent crude oil futures rose 10 cents to $60.01 a barrel by 0927 GMT.
US West Texas Intermediate (WTI) crude futures edged up by 26 cents to $54.19. Both contracts were on track for weekly declines of less than 1 per cent. In the third quarter, China’s economic growth slowed to 6 per cent year on year, its weakest for 27-1/2 years and below expectations, dogged by soft factory production amid sluggish domestic demand and continuing trade tensions with the United States.
China’s September refinery throughput, however, was up 9.4 per cent year on year at 56.49 million tonnes, boosted by new refineries and some independent refiners resuming operations after maintenance. Read More
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