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Crude gains on upbeat Chinese export data

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Investing.com -

Investing.com - Upbeat Chinese export data released over the weekend sent oil prices gaining on Monday, while Friday's solid U.S. jobs report also boosted the commodity.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $104.36 a barrel during U.S. trading, up 1.66%. New York-traded oil futures hit a session low of $102.63 a barrel and a high of $104.41 a barrel.

The July contract settled up 0.18% at $102.66 a barrel on Friday.

Nymex oil futures were likely to find support at $101.60 a barrel, Thursday's low, and resistance at $104.50 a barrel, the high from May 27.

Data on Sunday revealed that China's crude imports fell to 6.16 million barrels a day in May from April's record high of 6.8 million barrels a day, but were still 9% higher on a year-over-year basis.

Chinese exports gathered momentum last month on the back of stronger global demand, rising at an annualized rate of 7% after a 0.9% increase in April. China is the world's second-largest oil-consuming nation, and the better-than-expected numbers sent oil prices posting hefty gains.

Upbeat U.S. unemployment numbers released on Friday supported the commodity as well.

The U.S. Labor Department reported that the economy added 217,000 in May, close to expectations for a 218,000 increase, after a 282,000 rise in April, whose figure was revised down from a previously estimated 288,000 gain.

The private sector added 216,000 jobs last month, exceeding expectations for a 210,000 gain, which drew market applause in energy markets.

It was the fourth consecutive month in which the U.S. economy added more than 200,000 new nonfarm payrolls.

The private sector added 216,000 jobs last month, exceeding expectations for a 210,000 gain.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for August delivery were up 0.92% and trading at US$108.86 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$4.50 a barrel.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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