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Crude Oil Logs Small Losses After China’s Growth Slows

January 21, 2019 at 12:02 by Vladimir Vyun

Futures for crude oil logged small losses today after data showed that China’s economic growth slowed last quarter. Annual growth in the fourth quarter of 2018 was the slowest in almost a decade. Furthermore, the growth for the whole 2018 was the slowest in 28 years. That is a bearish sign for crude oil as China is the world’s second biggest consumer of the commodity.

Losses of crude were limited as trading activity was subdued due to a holiday in the United States. Additionally, positive fundamentals, which were supporting the commodity previously, remained in place.

Futures for delivery of WTI crude oil in February fell 0.28% to $53.65 per barrel as of 11:47 GMT on NYMEX today. March contract for Brent crude declined 0.32% per barrel on ICE.

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