Oil rises on record China imports despite threat of over-supply
China’s October crude imports hit a record 9.61-million bpd, with US output likely to top 12-million bpd in 2019
London — Oil rose on Thursday, recovering modestly from this week’s three-week lows, after record Chinese crude imports soothed some concern that demand in the world’s largest commodity buyer may be flagging just as global supply is rising. Record US crude production and signals from Iraq, Abu Dhabi and Indonesia that output will grow more quickly than expected in 2019 pushed the price of Brent oil to its lowest since mid-August earlier in the week. Brent crude futures rose 71c to $72.78 a barrel by 10.07am GMT, while US crude futures gained 55c to $62.22. “Crude oil prices are being supported by a jump in October Chinese crude oil imports ... thirst for the black stuff has increased among domestic teapot refiners,” PVM Oil Associates strategist Tamas Varga said. China’s crude imports rose 32% in October compared with a year earlier to 9.61-million barrels per day (bpd), customs data showed on Thursday. “Crude oil imports rose ... as uncertainty around tariffs on US imports and sanc...
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