Wednesday, 21 August 2019
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Oil Prices Hold Gains after Chinese Data

Oil prices traded higher on Monday as positive data from China outweighed the country's slowing economy, providing hopes that demand for oil will remain intact.

New York-traded West Texas Intermediate crude futures gained 16 cents, or 0.3%, to $60.37 a barrel by 7:38 AM ET (11:38 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., traded up 17 cents, or 0.3%, to $66.89.

Despite the fact that the Chinese economy registered its slowest growth in 27 years, better-than-expected increases in industrial output, retail sales and capital spending, boosted hopes that the world™s second largest economy may be stabilizing, supporting demand for oil.

With regard to the 6.2% growth seen in the second quarter, its slowest since the first quarter of 1992, analysts suggested that Beijing may also step up support measures that could be positive for oil.

Source : Investing.com

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