Mubasher: Oil prices leveled up on Friday on the back of signs indicating a rise in China’s demand although prices are expected to tumble for the second week in a row amid concerns over the escalating Sino-US trade war.

Brent Crude fell 1% this week, whereas WTI futures went down 3.4%, and both are likely to mark a second consecutive weekly loss, Reuters reported.

By 7:18 am GMT, Brent Crude rose 0.43% to $79.63 per barrel (pb), while WTI Crude Oil (Nymex) inched up 0.35% to $ 68.89pb.

Refinery throughput in the world’s second-largest oil importer hit record highs with 12.49 million barrels per day (bpd) in September as some independent plants resumed operations following prolonged shutdowns over summer to bolster inventories, government data showed on Friday.

The refinery consumption is likely to grow in the fourth quarter as many state-owned Chinese refiners return to service after maintenance, according to the London-based news agency.

Despite the robust refinery data, China on Friday reported its weakest economic growth for the third quarter since 2009 with gross domestic product (GDP) expanding by only 6.5%.

The recent economic data has raised concerns that the Sino-US trade war might have an impact on growth that could limit oil demand in China.

The ongoing trade war, in line with the surging US Oil stockpiles reported on Thursday, is likely to limit the day’s price gains.

The US crude stocks grew 6.5 million barrels last week for the fourth week in a row, according to the US Energy Information Administration said.

Inventories climbed despite the American crude output fell by 300,000 barrels per day (bpd) to 10.9 million bpd last week as offshore facilities were closed temporarily for Hurricane Michael.