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Crude oil futures rise on China, U.S. data

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Investing.com -

Investing.com - Crude oil futures rose to the highest level in four days on Monday as upbeat U.S. employment data and encouraging trade data from China bolstered the demand outlook from the world's two largest consumers.

On the New York Mercantile Exchange, crude oil futures for delivery in July were up 0.53% to $103.21, the highest price since June 4.

Data on Sunday showed 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.

The data came after the U.S. nonfarm payrolls report for May indicated that the labor market is continuing to improve, with employment returning to its pre-recession peak.

The Department of Labor reported Friday that the U.S. economy added 217,000 jobs last month, just under expectations for jobs growth of 218,000, while the unemployment rate remained unchanged at a five-and-a-half year low of 6.3%.

Investors were looking ahead to Wednesday's monthly meeting of the Organization of Petroleum Exporting Countries, as well as reports from the International Energy Agency and the U.S. Energy Information Administration later in the week.

Meanwhile, Brent oil for August delivery was up 0.49% to $108.40 a barrel on the ICE Futures Exchange in London, while the spread between the Brent and U.S. crude contracts stood at $5.19.

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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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