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Crude ends marginally higher; attention shifts to China

Friday, 18 Oct 2013 | 2:36 PM ET
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Oil prices edged higher on Friday on strong, third-quarter growth data from No. 2 oil consumer China, and a weakness in the U.S. dollar which tends to push up commodities prices.


China's economy grew at its quickest pace this year between July and September, up 7.8 percent, in line with expectations. However, analysts said the outlook for the fourth quarter was less promising, pointing to falls in exports in September and volatile global demand.

The growth data was partly tamed by Implied oil demand in the country. China posted its first yearly decline in 17 months in September as refiners cut crude runs and carried out maintenance. Fuel demand was down 1.8 percent, the first yearly fall since April 2012.

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Brent crude traded near $110 a barrel, up 80 cents after settling $1.48 lower. U.S. oil settled up 14 cents at $100.81.

Analysts said overall sentiment across commodity markets was weak, with investors preferring to load up on equities.

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