Oil declines as China's economy grows at the slowest pace in three decades[/rtl]
[rtl]Date: 2019/10/18 11:01 • 1 times read[/rtl]
Oil prices fell on Friday on worries about demand from China after Beijing, the world's largest crude importer, posted its weakest quarterly economic growth in nearly 30 years due to a trade dispute with the United States.
Brent crude futures were down 21 cents, or 0.4 percent, at $ 59.70 a barrel by 0646 GMT.
US West Texas Intermediate (WTI) crude futures were down 4 cents, or 0.1 percent, at $ 53.89 a barrel.
In the third quarter, China's GDP growth slowed to 6 percent year-on-year, the weakest pace in 27 and a half years and below expectations, due to weak factory output as trade tensions with the United States and domestic demand slowed.
Adding to the downward pressure, the US Energy Information Administration said on Thursday that crude oil inventories in the United States rose last week 9.3 million barrels as refinery production fell to the lowest level in two years, while gasoline stocks and distillate fuel fell.
Meanwhile, four OPEC sources reported that the Joint Technical Committee, which monitors a global agreement to reduce production concluded by the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, concluded that the level of compliance with the reductions in September was 236 percent.
OPEC and its allies agreed to limit oil production by 1.2 million barrels per day until March 2020