Oil is trading in the red on the statistics from China

Oil is trading in the red on the statistics from China


On the oil price impact that the growth of China’s GDP shows the slowest pace since 2009, as the country’s industrial production in September rose less than the forecast.

MOSCOW, 19 Oct. World oil prices decline on Monday amid GDP data in China, the second largest in the world consumer of “black gold”, according to AFP.

As at 10.17 GMT the cost of December futures for North sea petroleum mix of mark Brent fell by 0.40% to 50,26 per barrel. Price of November futures for oil of mark WTI have decreased on 0,37% — to 47,55 USD per barrel.

The growth of China’s GDP in the third quarter in annual terms it stood at 6.9% vs. 6.8%. Although the rate was better than expected, growth the country’s economy still shows the slowest pace since 2009. The country’s industrial production in September rose yoy by 5.7% against the forecast of 6%. In August the growth was of 6.1%.

“Low data on industrial production will probably override any optimistic early response to other data,” — said the Agency Bloomberg, senior analyst at CMC Markets RIC Spooner (Ric Spooner).

Negative impact on oil quotations also provide the data of the American oil and gas service company Baker Hughes. The total number of drilling rigs in the US by end of working week decreased by 8 units, or 1%, and amounted to 787 units. In annual terms the index declined by 1131 units, or 58.9 per cent.

The number of oil rigs decreased by 10 units, or 1.65 per cent to 595 units, gas — increased by 3 units, or 1,58%, to 192 units.