Brent oil rose on Tuesday as strong European economic data and a year-on-year increase in Chinese crude imports outweighed concerns about Asia’s economic growth and global oil oversupply.
German exports in July climbed 2.4 percent on the month and imports grew by 2.2 percent, both hitting their highest values on record.
The euro zone economy grew faster than expected in the second quarter, data showed on Tuesday, with gross domestic product up 1.5 percent year-on-year versus a previous reading of 1.2 percent.
Brent futures were up 80 cents at $48.43 a barrel by 1030 GMT, recovering around half the losses made on Monday.
U.S. crude was at $45.05 a barrel, down $1.00 since Friday’s close, broadly in line with the overall movement of Brent from Friday.
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