US crude ascends in Asia as China GDP backs demand views

US crude ascends in Asia as China GDP backs demand views

On Thursday, oil surged in Asia, backed by upbeat GDP data for the third quarter in China, which is the world's number one crude importer. Another factor was growing demand by China’s refineries.

November delivery crude futures grew 0.02% in New York being worth $52.05 a barrel. Meanwhile, Brent futures stood still, sticking to $58.15 a barrel.

On Thursday, China informed that its third quarter GDP showed an expected outcome, demonstrating a 1.7% leap on quarter as well as 6.8% soar on year. Meanwhile, industrial output grew 6.6%, which is more than the 6.2% jump observed in September, while fixed asset investment added 7.5%, which is below the 7.7% revenue observed. Additionally, the country’s retail sales ascended 10.3%, thus surpassing the anticipated 10.2% growth.

In September, China's domestic crude output sank 2.9% hitting 15.53 million metric tons, as the National Statistical Bureau revealed on Thursday.

 

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