Oil price looks set to dip amid doubt on Opec output cuts and China’s economy
London — Oil prices are on track to end the week lower on lingering doubt over the extent of Opec output cuts and China’s economic health. Brent crude futures were trading 20c down at $55.81 a barrel on Friday morning. US West Texas Intermediate crude futures fell 23c to $52.78. Record Chinese crude imports of 8.56-million barrels a day (bpd) in December helped buoy prices somewhat, traders said, but they could not hide underlying worries about the health of the world’s second-biggest economy. Despite China’s oil thirst, overall exports — the country’s economic backbone — fell 7.7% last year, its second annual drop running and the worst since the depths of the global crisis in 2009. Exports of Chinese refined oil products last month rose nearly 25% year on year to a record 5.35-million tonnes, well above the previous November record of 4.85-million. On the supply side, there was some market support from top exporter Saudi Arabia, which said that its output had fallen below 10-millio...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.