Commodity News
HeadLine : Oil steady ahead of data seen confirming sluggish China growth
Date : Jan 17 2020
Oil prices were steady on Friday as investors braced for data expected to show China’s economic growth last year slid to its slowest pace in 29 years, holding on to gains for now after Washington and Beijing inked a long-awaited trade deal. Brent was 3 cents higher at $64.65, after gaining nearly 1% on Thursday. U.S. crude was up 6 cents at $58.58 a barrel, having risen more than 1% the previous session. The Phase 1 accord between the world’s top two economies helped boosted the outlook for global trade, pushing oil prices higher on Thursday. That mood was further boosted after the U.S. Senate approved changes to the U.S.-Mexico-Canada Free Trade Agreement following the signing of the Phase 1 deal. Still, prices are being held back after the International Energy Agency forecast that oil supply would exceed demand for crude from the Organization of the Petroleum Exporting Countries, even if members are fully compliant in their agreement with Russia and other producers to curb output.

Source : Reuters
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