Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Dips on Weaker China Data, Even as Trump Talks up Faster Trade Deal

CommoditiesOct 28, 2019 03:43PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - It’s China data again that’s undermining oil, even as China-U.S. negotiations seem to be giving the market hope for a trade deal.

West Texas Intermediate, the benchmark for New York-traded crude, and London’s Brent, the global gauge for oil, ended lower for the first time in five days on Monday as data released in China reinforced signs that its economy is slowing.

The decline was partly limited by President Donald Trump’s remarks that he expected to sign ahead of schedule a significant part of the planned U.S. trade deal with China ahead of schedule.

WTI settled down 85 cents, or 1.5%, at $55.81 per barrel.

Brent closed the official U.S. trading session down 45 cents, or 0.7%, at $61.57.

WTI gained 5.4% last week while Brent advanced by 4.4%.

Profits at Chinese industrial companies fell for the second straight month in September as producer prices continued their slide, data showed on Monday, highlighting the impact of a slowing economy and protracted U.S. trade war on corporate balance sheets.

“Near-term demand worries and seasonally building inventories will continue to place a cap on any bullish headlines,” TD Securities said in a note on oil.

Russia’s energy ministry, meanwhile, said that OPEC and its oil-exporting allies, known as OPEC+, would factor in the slowdown of U.S. oil output growth when they meet to discuss their output agreement in December.

Russian Deputy Energy Minister Pavel Sorokin also said it was premature to talk about deeper production cuts when the OPEC meeting was still more than a month away.

Oil Dips on Weaker China Data, Even as Trump Talks up Faster Trade Deal
 

Related Articles

Oil prices rise as U.S., Europe reopen economies
Oil prices rise as U.S., Europe reopen economies By Reuters - May 18, 2021

By Yuka Obayashi TOKYO (Reuters) -Oil prices extended gains on Tuesday as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email