Brent crude hovered around $108 a barrel on Thursday, holding onto most of the gains from the previous session as customs data showed a large jump in Chinese crude imports and a bigger than expected trade surplus in the world’s second biggest oil user.
China’s crude imports rose 22.4 percent in April from March, the data showed, while total exports rose slightly against forecasts for a decline, offering some rare good news this year for the slowing economy.
“People have been bearish on China, so if we have any good news out of China it should at least provide some support,” said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.
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