Oil up as robust China trade data offsets returning supply
LONDON : Oil prices rebounded on Tuesday as robust China data offset returning supply in Norway, the Gulf of Mexico and Libya.
Brent crude futures rose 63 cents, or 1.5%, to $42.35 a barrel by 1224 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 71 cents, or 1.8%, to $40.14 a barrel.
China, the world’s top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from August and up 17.5% from a year earlier, customs data showed.
“Currently, oil demand is driven primarily by China,” Commerzbank said.
