China's Positive Data Driven Crude Oil Price Rise

 Crude oil traded stable after registering a decline of almost 3% in the previous session following the resumption of production in Norway, the Gulf of Mexico and Libya.


At the start of the European session, Brent crude futures traded at $ 41.88 a barrel, while the US WTI rose at $ 39.56 a barrel.


The increase was supported by encouraging data from China which showed crude oil imports rose 2.1% in September.


The world's largest crude oil importer reportedly bought 48.48 million tonnes of oil last month, according to Chinese customs. For the first three quarters of 2020, the country has imported 416 million tonnes, or about 11.08 million barrels a day.



Nevertheless, rising black commodity prices continued to be under pressure by the prospect of increased supply after oil production in Norway, the Gulf of Mexico and Libya resumed.


In addition, prices were also under pressure due to concerns over the recovery of fuel demand following the continued increase in Covid-19 infection cases in Europe and the US, with the International Energy Agency (EIA) projecting world energy demand to fall 5% this year.