Oil posts second straight week of declines as global demand concerns weigh
Saturday, 18 January 2020 03:02 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI
Oil prices steadied on Friday as sluggish economic growth in China, the world's biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-U.S. trade deal.
Brent crude futures gained 25 cents to trade at $64.87 per barrel. U.S. West Texas Intermediate crude futures gained 2 cents to settle at $58.54. For the week, Brent fell 0.2%, while WTI lost 0.8%.
China's economy, the world™s second-largest, grew by 6.1% in 2019, its slowest expansion in 29 years, government data showed on Friday.
In 2019 Chinese refineries processed 651.98 million tonnes of crude oil, equal to a record high 13.04 million barrels per day (bpd) and up 7.6% from 2018, government data showed. Throughput also set a monthly record for December.
Source : Reuters
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