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8 Dec 2015
Brent oil up 1% on short covering
FXStreet (Mumbai) - Brent oil futures advanced 1% following a sharp sell-off on Monday that took prices to 6-1/2 year low of USD 40.60/barrel.
At the time of writing, Brent Jan futures were up 1.5% or 61 cents at USD 41.34/barrel. Prices are still well below the previous 2015 low of USD 42.22/barrel.
Prices ticked higher after the data from China showed a rise in commodity imports. China's crude oil imports for the first 11 months of the year rose 8.7% to 6.61 million barrels per day, with November crude imports growing 7.6% in annualised terms.
However, global oversupplies and OPEC’s reluctance to cut output in order to support prices is capping gains in oil prices.
At the time of writing, Brent Jan futures were up 1.5% or 61 cents at USD 41.34/barrel. Prices are still well below the previous 2015 low of USD 42.22/barrel.
Prices ticked higher after the data from China showed a rise in commodity imports. China's crude oil imports for the first 11 months of the year rose 8.7% to 6.61 million barrels per day, with November crude imports growing 7.6% in annualised terms.
However, global oversupplies and OPEC’s reluctance to cut output in order to support prices is capping gains in oil prices.