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Oil lower but underpinned by China data

Published 07/15/2016, 07:52 AM
Updated 07/15/2016, 07:52 AM

Investing.com – Oil futures were lower Friday but received some support from stronger-than expected Chinese economic data. U.S. crude was down 27 cents, or 0.59%, at $45.41 at 06:45 ET after a low of $45.06. Brent crude was down 0.61% at $47.08. Concerns about a global supply glut remain in place but stronger- than-expected Chinese GDP growth lent some support. China’s gross domestic product was up 6.7% in the second quarter against forecast growth of 6.6%. June industrial production and retail sales also came in above forecast, helping to assuage concerns about a demand slowdown in Asia. Baker Hughes U.S. rig count figures are due out later Friday. The dollar index was slightly lower, helping to underpin demand for oil.

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Harsco has a partnership with Brand Energy. Brand Energy’s bonds were downgraded deep into junk territory. Bankruptcy is a possibility in a situation like this. Harsco should look into dissolving its partnership with Brand Energy.. . Brand Energy has had 7 owners since 1996 and isn’t the most stable company. It’s owned by Clayton, Dubilier, and Rice. The CEO at Brand and the ex-GE people he brought in need to be removed. The Houston area is particularly bad and the executives there should definitely be removed. Brand Energy is always getting sued or is suing someone. Clearly, they need a total change of management..
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