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Oil prices slip as investors wait for China GDP data

Published 2015-10-18, 09:52 p/m
© Reuters. Oil prices slip as investors wait for China GDP data
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By Keith Wallis
SINGAPORE, Oct 19 (Reuters) - Oil prices slipped on Monday,
wiping out some of the previous session's gains, as investors
waited for China's third quarter gross domestic product figures.
Brent for December delivery LCOc1 was down 8 cents at
$50.38 a barrel as of 0142 GMT after settling up 73 cents on
Friday.
U.S. crude for November delivery CLc1 was down 5 cents at
$47.21 after finishing the previous session 7 cents up.
"Data from China should underpin a move to crude," said
Jonathan Barratt, chief investment officer at Sydney's Ayers
Alliance.
China's GDP figures, due later on Monday, are expected to
show growth in the world's second largest economy slowed to
below 7 percent for the first time since the global financial
crisis.
"If the figure is bearish then it means more stimulus,"
Barratt said.
A bullish figure meant the world's number two economy was
growing, which would also buoy oil demand, he added.
"Any number should be supportive of oil prices and a reason
for prices to hold up," Barratt said.
But data from the U.S. Energy Information Administration
(EIA) last week showed U.S. crude inventories rose by 7.6
million barrels even as the U.S. rig count fell for a seventh
week in a row last week fueling concerns over global oversupply.

"It suggests again the world is awash with oil," Barratt
said.
Investors were also eyeing moves on Sunday by the United
States and the European Union to take formal legal steps to lift
sanctions on Iran once Tehran meets the conditions tied to a
landmark nuclear agreement with major world powers.

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