Oil prices rise amid more China imports

GMT 03:20 2015 Tuesday ,11 August

Arab Today, arab today Oil prices rise amid more China imports

Oil prices rise
New York - XINHUA

Oil prices gained Monday as data showed China imported more crude in July.

China imported 30.71 million tons of crude in July, up 29 percent on year to a record high, according to the data released Sunday by General Administration of Customs. The imports data from China, the top crude consumer, boosted the crude market.

Crude prices got support from equity market. U.S. stocks traded higher on Monday, recovering from sharp declines last week.

The U.S. dollar dropped against most major currencies on Monday after soaring to a four-month high in the previous session.

The weaker dollar made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The West Texas Intermediate for September delivery moved up 1. 09 U.S. dollars to settle at 44.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 1.8 dollars to close at 50.41 dollars a barrel on the London ICE Future Exchange.

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