Oil futures rise early Wednesday, buoyed by data showing China's crude imports rose in May.
Oil futures rose Wednesday, finding support after data showed China’s crude imports rose in May, despite a decline in imports overall, and as traders awaited an official reading on U.S. inventories after industry data showed a drop in crude stocks but a rise in fuel supplies.
Price action Market drivers China exports dropped 7.5% from a year ago in May, cooling substantially from the 8.5% growth seen in April, data from the General Administration of Customs showed Wednesday. A survey of economists by The Wall Street Journal produced a median forecast for a 1% decline. But the data showed China’s crude oil imports recovered to 51.44 million tons, or around 12.16 million barrels a day, up 17% month-on-month and 12% year-over-year, in May, noted Warren Patterson and Ewa Manthey, commodity strategists at ING, in a note.
Higher refinery utilization has also increased refined product supplies in the Chinese market, with China again becoming a net exporter of refined products last month, they said.
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