Monday, 19 October 2015

Oil prices slip as investors wait for China GDP data

Oil prices slipped on Monday, wiping out some of the previous session's gains, as investors waited for China's third quarter gross domestic product figures.
 Brent for December delivery LCOc1 was down 8 cents at USD 50.38 a barrel as of 0142 GMT after settling up 73 cents on Friday. 
US crude for November delivery CLc1 was down 5 cents at USD 47.21 after finishing the previous session 7 cents up. "Data from China should underpin a move to crude," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance. 
China's GDP figures, due later on Monday, are expected to show growth in the world's second largest economy slowed to below 7 percent for the first time since the global financial crisis. 
"If the figure is bearish then it means more stimulus," Barratt said. A bullish figure meant the world's number two economy was growing, which would also buoy oil demand, he added. 
"Any number should be supportive of oil prices and a reason for prices to hold up," Barratt said.

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1 comment:

  1. The Nifty50 was at 8,247, up 10 points or 0.12 per cent. It touched a high of 8,264.95 and a low of 8,242.45 in the first 30 minutes of trade.

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