Oil prices fell on Friday after China reported slower economic growth, pointing to lower fuel demand in the world's biggest oil importer, although market sentiment was supported by supply cuts agreed last week by major crude producers. China, the world's No.2 economy, on Friday reported some of its slowest growth in retail sales and industrial output in years, highlighting the risks of its trade dispute with the United States. Chinese oil refinery throughput in November fell from October, suggesting an easing in oil demand, though runs were 2.9 percent above year-ago levels. Click read more below for additional detail.
Crude oil prices continued to oscillate in a choppy range as traders weighed the conflicting influence of a weaker US Dollar – a source of support because the WTI benchmark is priced in terms of the greenback – and growing swing supply. US crude inventories and exports jumped to record highs last week, with the latter swelling by the most in almost three years.
Crude oil price standstill continues. A daily close above range resistance at 53.86 paves the way for a test of the 55.21-65 area (January 3 high, 38.2% Fibonacci expansion). Alternatively, a turn below rising trend line support, now at 51.92, sees the next downside barrier at 50.25, the 38.2% Fib retracement.
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