Oil falls as China’s economic growth fails to hit forecasts
World’s second-largest economy only expanded 4.9% in third quarter from a year earlier
19 October 2020 - 07:46
Singapore — Oil prices fell on Monday after reports that China’s third-quarter economic growth did not rise as much as expected, underscoring concerns that surging coronavirus cases globally are affecting demand in the world’s largest oil importer.
The world’s second-largest economy in the third quarter expanded by 4.9% from a year earlier, missing analyst expectations, government data showed. Refiners in China, the world’s second-largest oil user, slowed their processing rates in September and industrial metal imports, underpinned by government stimulus, were lower...
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