Oil Surges After China Imports and US Jobs Data

Brent crude oil edged higher on Friday as strong Chinese crude imports eased concerns over a growing supply glut.

Benchmark Brent crude was at $65.90 per barrel at 1402 GMT (10.02 a.m. EDT) , up 36 cents, yet on track for a near 1 percent weekly decline.

China imported 30.29 million tonnes of crude oil in April (222 million barrels), up 13.0 percent from 26.81 million tonnes in the previous month.

Analysts cautioned that the figure could be a sign of a stock build in the world’s second-largest oil consumer, where strategic petroleum reserves are reportedly close to capacity.

U.S. crude was 76 cents higher at $59.70 a barrel, on track for a eighth successive weekly gain, after data showed job growth rebounded last week, boosting economic momentum which could keep the Federal Reserve on track to raise interest rates later this year.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza