NEW YORK, Aug. 14 (UPI) — Mixed views on the Chinese currency and slow growth in the European economy left crude oil prices flat early Friday, but still close to six-year lows.
Brent crude oil prices lost only a fraction of a percent, or 17 cents, from the previous session to trade at $49.08 per barrel early Friday. West Texas Intermediate, the U.S. benchmark, touched a new six-year low around $41 per barrel in overnight trading but recovered to $42.20 per barrel at the start of the session Friday.
Brent crude oil prices traded near $45 per barrel in early 2015.
Concerns about the health of the Chinese economy, one of the world’s largest, dragged on oil prices for much of the trading week. Beijing intervened to devalue its currency this week in an effort to arrest market declines, sending global stock indices into a tailspin.
Moody’s Investors Service finds some net positive results from the Chinese valuation, but notes the depreciation “does not have material credit implications because it will not significantly bolster export growth.”
Greek lawmakers, meanwhile, voted in favor of a bailout package despite opposition from ruling party leaders. Greece in exchange for about $95 billion in European support agrees to spending cuts and tax increases.
Greek debt concerns contributed to the last global financial crisis, though European leaders said the region’s economy would be able to weather the storm this time around.
Eurostate, the statistical office of the European Union, reported seasonally adjusted was relatively stable for the second quarter at around 0.4 percent, more or less unchanged from the previous quarter.
Greece this week reported surprise return to growth with second quarter GDP increasing by 0.8 percent.
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