US crude erased early gains to trade lower in Asia on Friday as China's first economic contraction in decades eclipsed President Donald Trump's plans to reopen the coronavirus-battered US economy.
US benchmark West Texas Intermediate was up in the morning session after Trump laid out his plan to restart the world's biggest economy.
But after the news that China's economy shrank 6.8 per cent in the March quarter from the previous year after authorities imposed drastic measures to contain the virus, the contract was down 0.75 per cent to USD 19.72 a barrel in the afternoon.
Brent crude, the international benchmark, was up 2.16 per cent at USD 28.42 a barrel, paring stronger gains in the morning session.
"The poor data from China appears to be having the more outsized effect on prices this morning," OANDA senior market analyst Jeffrey Halley told AFP.
"WTI has eased as poor retail sales in particular suggest that China's domestic-led economic recovery remains elusive."
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