• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Oil steady as sluggish China growth offsets trade deal optimism

January 17, 20207:32 AM Reuters0 Comments

Oil prices were steady on Friday as reports of sluggish economic growth in China, the world’s biggest crude importer, raised concerns about future fuel demand and countered optimism from the signing of the Sino-U.S. trade deal earlier in the week.

In the fourth quarter of 2019, the world’s second-largest economy increased by an expected 6% from a year earlier, while the full-year expansion was 6.1%, the slowest in 29 years, government data showed on Friday.

“A well-expected fourth-quarter China GDP rate provided little clue for oil price trading on Friday morning, and mounting downward economic pressure will perhaps limit oil’s upside in the mid- to long-term,” Margaret Yang, market analyst at CMC Markets.

U.S. West Texas Intermediate futures rose 2 cents at $58.54 a barrel, having risen more than 1% the previous session. The contract dropped by 0.8% for the week, also the down for a second week.

CL1! chart by TradingView

Brent crude futures were 1 cent higher at $64.63 by 0427 GMT, after gaining nearly 1% on Thursday. The contract is down for a second week after slipping 0.5% from the prior week.

Oil rose on Thursday after China and the United States signed their Phase 1 trade accord. The mood was further boosted after the U.S. Senate approved changes to the U.S.-Mexico-Canada Free Trade Agreement.

Surging Chinese demand in the form of refinery throughput figures offset the less positive economic growth data.

For 2019, Chinese refineries processed 651.98 million tonnes of crude oil, equal to a record 13.04 million barrels per day, and up 7.6% from 2018, government data showed. Throughput also set a monthly record for December.

The International Energy Agency offered a dim view of the oil market outlook for 2020 on Thursday. The 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.

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Canada’s weekly rig count drops 8 to 177
  • PSAC statement on Alberta Budget 2021
  • U.S. drillers add rigs for 7th month in a row, pace slows
  • Crude-by-rail exports are rebounding after a drastic drop in 2020 due to COVID and other factors
  • TC Energy and TC PipeLines, LP announce unitholder approval and effective date of merger

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.