01/02/2019 11:59
Oil prices supported by trade talk hopes, pressured by weak China data
Oil prices were steady on Friday, torn between hopes the United States and China could soon settle their trade disputes and new data raising fresh concerns over China’s economic slowdown.
International Brent crude oil futures were at $60.93 per barrel at 0712, 9 cents above their last close.
U.S. West Texas Intermediate (WTI) futures were at $53.80 per barrel, virtually unchanged from their last settlement.
Oil prices were supported as U.S. President Donald Trump said on Thursday he would meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal.
But crude markets were weighed down by a survey on Friday that showed China’s factory activity shrank by the most in almost three years in January amid slumping orders, reinforcing fears a slowdown in the world’s second-largest economy is deepening.
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