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MTECHTIPS:-Crude Oil Dips In Asia Despite Strong China Data on Oil Imports

Friday, January 12, 2018 5:59

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MTECHTIPS:-Crude Oil Dips In Asia Despite Strong China Data on Oil Imports

MTECHTIPS- Crude oil prices dipped in Asia on Friday despite solid China trade data on imports for the month of December and all of 2017 with US rig count data ahead. On the New York Mercantile Exchange crude futures for January delivery fell 0.33% to $63.59 a barrel, while on London’s Intercontinental Exchange, Brent eased 0.01% to $69.25 a barrel. China reported trade data for December with exports up 10.9%, compared to a gain of 9.1% seen, imports posted a 4.5% rise, compared to a 13.0% increase expected and the trade balance came in at $54.69 billion surplus, compared to surplus of $37 billion seen. China’s crude oil imports in December come in at 34 million metric tons, while 2017 crude imports rose 10.1% to 420 million metric tons, highest on record. China’s gas imports 7.87 million metric tones in December, while natural gas imports up 26.9% to 68.57 million metric tons. Last week, the Baker Hughes rig count came in at 742, a drop of five rigs. Overnight, crude oil prices settled near three-year highs on Thursday amid expectations that global oil demand growth and ongoing OPEC cuts would continue to reduce excess supplies. On the New York Mercantile Exchange crude futures for January delivery rose 0.36% to settle at $63.80 a barrel, while on London’s Intercontinental Exchange, Brent gained 0.12% to trade at $69.30 a barrel. Brent crude hit a three-year high intraday rising above $70 a barrel

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