Oil trades in the red amid profit-taking

By Jeff Davies

Crude prices traded in the red on Friday amid profit-taking sparked by worse-than-expected economic reports from China. The second-largest global economy remains the biggest consumer of oil and therefore, its reported economic slowdown has a negative effect on investment incentives.

Meanwhile, market watchers remained worried about the continuous rise in the United States’ crude stockpiles and the country’s growing influence on global oil supply. The US is not participating in the OPEC+ production cap agreement.

West Texas Intermediate for January delivery lost 0.57%, changing hands for $52.25 per barrel at 8:19 am GMT while the international benchmark Brent for settlements in February fell 0.73% to sell for $60.98 per barrel at 8:20 am GMT.

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