Oil prices steady, all eyes on data seen showing China GDP growth slowdown

Oil prices were stable on Friday ahead of data that analysts say could show China, the world’s largest oil consumer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States.

Global benchmark Brent crude oil futures fell by 9 cents, 0.2%, to $59.82 a barrel by 0039 GMT. U.S. West Texas Intermediate (WTI) crude futures were up by 4 cents, or 0.07%, to $53.97 per barrel. Analysts polled by Reuters expected China’s gross domestic product (GDP) to grow 6.1% in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record.

The Chinese government is due to release its third-quarter GDP data at 0200 GMT, along with other indicators for September.