MTECHTIPS:-Crude holds gains in Asia after weaker than seen China
MTECHTIPS:-Crude holds gains in Asia after weaker than seen China trade data
MTECHTIPS-Crude held gains in Asia on Monday despite disappointing trade figures from China as centrist Emmanuel Macron matched opinion poll expectations and beat anti-EU far-right candidate Marine Le Pen and as investors looked ahead to regular weekly data sets and other reports. The U.S. West Texas Intermediate crude June contract rose 1.28% to $46.81 a barrel, recovering after a slightly more than 6% fall last week. On the ICE Futures Exchange in London, Brent oil for July deliveryman 1.34% to $49.76 a barrel. China imported 34.39 million metric tons of crude oil in April, down 11.7% from 38.95 million metric tons in the previous month, according to data from China’s General Administration of Customs. ports of oil products fell 7.8% to 2.49 million metric tons while exports of oil products fell 25.1% to 3.50 million metric tons. Overall, China said exports rose 8.0% in April year-on-year, below the 10.4% gain seen, while imports rose 11.9% also below the 18.0% gain expected for a trade balance surplus of $38.05 billion, wider than the $35.50 billion seen. Last week, oil futures settled higher on Friday, but still registered a hefty loss for the week as signs of rising U.S. shale production continued to feed concerns about a global supply glut. Crude has been under pressure in recent weeks amid fears that an ongoing rebound in U.S. shale production is derailing efforts by other major producers to re balance global oil supply and demand. U.S. drillers last week added rigs for the 16th week in a row, data from energy services company Baker Hughes showed on Friday, implying that further gains in domestic production are ahead.
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