Oil prices slide on weak China data, sharp rise in US stockpiles

China's economic growth in Q3 of 2019 slowed to 6% yoy, the slowest in nearly 3 decades.

Oct 18, 2019 06:10 IST India Infoline News Service

Oil prices fell on Friday in Asia after the Energy Information Administration (EIA) reported that US oil inventories rose by a larger than expected quantity. China's weak GDP growth further weighed on prices.

US Crude Oil WTI Futures lost 0.2% to $53.81/bbl. International Brent Oil Futures fell 0.6% to $59.57/bbl.

Crude stockpiles jumped 9.3mn barrels last week, according to EIA vs. expectations for a rise of about 2.9mn barrels, according to investing.com data.

China's economic growth in Q3 of 2019 slowed to 6% yoy, the slowest in nearly 3 decades.

Meanwhile, media reports said that the US has slapped tariffs on a record $7.5bn worth of European Union goods. Speaking in Washington hours before the tariffs were due to come into effect, France’s Economy Minister Bruno Le Maire warned the move would have serious repercussions.

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