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Oil steady ahead of data seen confirming sluggish China growth

Published 01/17/2020, 09:51 AM
Updated 01/17/2020, 09:56 AM
© Reuters. Oil steady ahead of data seen confirming sluggish China growth
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TOKYO, Jan 17 (Reuters) - Oil prices were steady on Friday
as investors braced for data expected to show China's economic
growth last year slid to its slowest pace in 29 years, holding
on to gains for now after Washington and Beijing inked a
long-awaited trade deal.
Brent LCOc1 was 3 cents higher at $64.65 by 0123 GMT,
after gaining nearly 1% on Thursday. U.S. crude CLc1 was up 6
cents at $58.58 a barrel, having risen more than 1% the previous
session.
The Phase 1 accord between the world's top two economies
helped boosted the outlook for global trade, pushing oil prices
higher on Thursday. That mood was further boosted after the U.S.
Senate approved changes to the U.S.-Mexico-Canada Free Trade
Agreement following the signing of the Phase 1 deal.
The impact of the trade row between Washington and Beijing
last year is likely to show up in China's official 2019 economic
data, set to be released at 0200 GMT. "The next big move for crude may need to come (from) an
improving global outlook that may require further stimulus from
Europe," where growth has been less than stellar, said Edward
Moya senior market analyst at OANDA.
Still, prices are being held back after the International
Energy Agency forecast that oil supply would exceed demand for
crude from the Organization of the Petroleum Exporting
Countries, even if members are fully compliant in their
agreement with Russia and other producers to curb output.

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