Oil falls on China economic data as Opec cuts support crude
Chinese data stokes worries over oil demand outlook with the IEA expecting a deficit in oil supply by the second quarter of next year
London — Oil prices slipped on Friday after China reported slower economic growth, pointing to lower fuel demand in the world’s biggest oil importer, although market sentiment was supported by supply cuts agreed last week by major crude producers. Benchmark Brent crude was down 40c at $61.05 a barrel by 8.20am GMT, on course for a decline this week of about 1%. US light crude was 25c lower at $52.33. China, the world’s second-largest economy, reported on Friday some of its slowest growth in retail sales and industrial output in years, highlighting the risks of the country’s trade dispute with the US. Chinese oil refinery throughput in November fell from October, suggesting an easing in oil demand, though runs were 2.9% above levels a year earlier. Concerned by mounting oversupply, oil cartel Opec and other oil producers, including Russia, agreed last week to reduce output by 1.2-million barrels per day (bpd), or more than 1% of global demand. “For the time being, until the Opec cuts...
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