Research Icon- Oil prices steady ahead of China data

On Friday, Oil prices were stable 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 0.2% to $59.82/barrel. US West Texas Intermediate (WTI) crude futures were up 0.07% to $53.97/barrel. The Chinese government is due to release its third-quarter GDP data at 0200 GMT, along with other indicators for September.

MCX crude oil price has shown negative momentum from lower levels during the last day and closed at 3,805 levels. The price has taken support of its rising trend line on the daily chart at 3,740 levels. Crude Oil price has taken support its lower band of rising channel pattern at 3,730 levels on the hourly chart. In addition, price is trading above its Parabolic SAR on the hourly chart, which suggests short term trend remains up.

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