Crude oil prices were seen trading higher on the first day of the trading week, as China reported a fresh trade balance data for the last month.
West Texas Intermediate (WTI) crude oil rose 0.13% higher, trading at $97.78 per barrel as of the time of writing, while the European benchmark Brent added $111.74 per barrel at the same time.
China, the second largest oil consumer in the world, imported approximately 23.56 million tons of crude in November, accounting for 5.73 million barrels per day and marking a rise of 19.1% from the previous month on a daily basis.
Meanwhile in Japan, the country reported its gross domestic product (GDP), up by 0.3% in three months to September, marking the slowest quarterly pace this year, following the 0.9% climb in the previous quarter and 1% recorded in the first quarter.
Oil Prices – China
Trade surplus in China climbed to $33.8 billion in November, marking the highest trade surplus since January 2009, while exports growth pace slightly picked up above expectations. Exports rose 12.7% higher, almost doubling analysts forecast of a 7% rise, while imports advanced 5.3%, on a yearly basis.
The Consumer Price Index (CPI), climbed 3% year-on-year in the previous month, a report from the National Bureau of Statistics confirmed on Monday.
Oil Prices – US Data
On Friday, the Bureau of Labour Statistics posted its jobs release for November, showing an addition of 203,000 new employees in the US economy during the month.
The Non-farm payrolls data revealed 203,000 new jobs were added in November, up from the 200,000 recorded in the previous month and exceeding analysts’ forecast of 185,000, according to the Bureau of Labour Statistics.
The unemployment rate in November dropped to 7.0%, compared to 7.3% in the previous month and beating analysts forecast of 7.2%
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