Brent crude oil futures were trading at $79.51 per barrel at 0521 GMT, up 22 cents, or 0.3 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3 percent, at $68.84 a barrel.
For the week, Brent crude was 1.1 percent lower while WTI futures were down 3.5 percent, putting both on track for a second consecutive weekly decline.
Refinery throughput in China, the world’s second-largest oil importer, rose to a record high of 12.49 million barrels per day (bpd) in September as some independent plants restarted operations after prolonged shutdowns over summer to shore up inventories, government data showed on Friday.
The refinery consumption may rise through the fourth quarter as several state-owned Chinese refiners return to service after maintenance.
Undermining the strong refinery data, China did on Friday report its weakest economic growth since 2009 in the third quarter, with gross domestic product expanding by only 6.5 percent, missing estimates.
The weak economic data raised concerns that the country’s trade war with United States is beginning to have an impact on growth, which may limit China’s oil demand.
The trade war concerns combined with surging US oil stockpiles reported on Thursday are capping the day’s price gains.
US crude stocks last week climbed 6.5 million barrels, the fourth straight weekly build, almost triple the amount analysts had forecast, the US Energy Information Administration said on Wednesday.
Published in Daily Times, October 20th 2018.
In a groundbreaking move that promises to revolutionize the pilgrimage experience, Pakistani startup MYTM has…
Islamabad United, the most decorated team in Pakistan Super League history with three championships, proudly…
Karachi, Pakistan - May 17, 2024 A technical issue on Pakistan International Airlines (PIA)…
A businessman from Mandi Bahauddin in Gujarat, Ahmad Jawad, is funding fugitive YouTuber Adil…
Riyadh, KSA – [Date] – Bidaya Finance's commitment to digitally transform its operations is deeply…
Karachi, Pakistan: Pakistan's financial consultancy firm, Dellsons Associates (Pvt) Ltd, has signed a strategic partnership…
Leave a Comment