Crude futures fell in Asian trading on revived worries about an oil glut worldwide, but losses were curbed by the performance of the Chinese economy that was marginally better than predicted, showing the result of the government efforts to sustain growth.
Brent crude futures dropped to $47.21 per barrel by 16 cents, while U.S. WTI futures also fell to $45.50 a barrel by 18 cents, having slipped earlier down to $45.05. The contract was up 2.1% in the last session and is moving towards a weekly gain of 1.1%.
Prices slightly recovered their losses following the report of China’s GDP of 6.7% in the Q2 from a year before.
The material has been provided by InstaForex Company – www.instaforex.com