Economic news

Oil prices grow, though weekly reading on course for drop

Crude gained today due to indications of a much stronger demand from China, which is one of the globe’s top consumers, but on a weekly basis prices move to record a second straight decline as the trade war between the U.S. and China is seen to be holding back global economic performance.

Photo: Reuters

Brent futures reached $79.51 for a barrel, 22 cents above the level of the previous settlement.

U.S. WTI futures stood at $68.84 per barrel, 19 cents increase.

China’s refineries brought up output to an all-time maximum of 12.49 mln barrels daily last month after a number of private plants returned back to work after a lengthy summer break, today’s official report said.

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