Crude futures lost ground Friday following US economic growth slowed sharply in the third quarter, renewing woes about sluggish demand.
The Commerce Department reported gross domestic product grew at an annualized pace of 1.5%, from 3.9% in the second quarter.
US crude closed at $45.89 a barrel, down 17 cents. Brent crude settled at $48.71 a barrel, down 9 cents. Analysts predicted both benchmarks are on course to record their first weekly advance in three weeks.
Certainly, the market is anticipating China’s Purchasing Manager Indices at the moment. I won’t be expecting “anyone to getting too carried away,” said Michael McCarthy, Chief Market Strategist at CMC Markets.
The material has been provided by InstaForex Company – www.instaforex.com