Oil prices edged up on Monday, reversing earlier losses, as investors shrugged off data that confirmed China’s slowing economy and instead latched on to positive supply-side drivers for the market.
Brent crude oil futures LCOc1 were up 12 cents at $62.82 a barrel by 12:27 p.m. EST (1727 GMT), while U.S. crude futures CLc1 rose 19 cents to $53.99 a barrel in a choppy session.
Global equities fell after data pointed to a slowdown in Chinese economic growth in 2018 to a 28-year low. The numbers fed concern that the outlook for global growth may be darkening, particularly given U.S.-China trade tensions.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.