Oil Rises Despite Weak Chinese GDP Data

January 21, 2019 Share Print 0

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.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.