Oil prices slipped on Monday after China posted its slowest quarterly economic g...
SINGAPORE - Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest crude oil importer.
Refineries in the path of Tropical Storm Barry continued to operate despite flood threats while the storm has slashed U.S. Gulf of Mexico crude output by 73%, or 1.38 million barrels per day. Still, China’s industrial output and retail sales beat forecasts, “suggesting that the economy in China is healthier than we previously been pricing,” McCarthy said.
“We believe additional crude oil quota to private refiners should keep the imports upbeat in H2 2019,” the bank said.
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