Oil prices little changed ahead of China GDP data

* China Q3 GDP likely grew 5.2% - Reuters poll
* OPEC+ concern about virus impact on demand, rising
supplies

By Florence Tan
SINGAPORE, Oct 19 (Reuters) - Oil prices edged up in early
Asian trade on Monday ahead of China's economic growth data,
which is expected to show recovery in the top oil importer,
offsetting concerns of an impact from the virus' resurgence on
consumption and rising supply.
Brent crude for December LCOc1 inched up 4 cents to $42.97
a barrel by 0018 GMT and U.S. West Texas Intermediate crude
CLc1 was at $40.90 a barrel, up 2 cents, a day before the
November contract expires.
China will release third-quarter GDP data at 0200 GMT; its
economy most likely grew 5.2% in July-September from a year
earlier, as consumers resurfaced and major trading partners
reopened for business, shaking off a record slump seen earlier
this year. However, China's oil-buying frenzy is expected to slow in
the fourth quarter amid high inventories and limited import
quotas for independent refiners. Brent rose 0.2% last week while WTI gained 0.7%, after crude
and oil product inventories in the United States, world's top
oil consumer, fell last week.
However, last week's discussions at a panel of officials
from the Organization of the Petroleum Exporting Countries
Russia and allies, a group known as OPEC+, showed that the oil
market's outlook is gloomier than a month ago.
The Joint Technical Committee fear a prolonged second wave
of the COVID-19 pandemic and a jump in Libyan output could push
the oil market into surplus next year in its worst-case
scenario, according to a confidential document seen by Reuters.
Such a surplus could threaten plans by OPEC, Russia and
allies, known as OPEC+, to taper record output cuts made this
year by adding 2 million barrels per day of oil to the market in
2021.
U.S. House Speaker House Speaker Nancy Pelosi said on Sunday
that she is optimistic on coronavirus relief deal before
Election Day although differences remain with President Donald
Trump's administration on a wide-ranging coronavirus relief
package.