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Crude Oil Futures Stabilize on Strong Chinese Imports

Feb, 10th 06:46

Crude oil futures prices were stable on Friday, looking set for a third advance in a row after data showed strong Chinese crude imports, although stronger data and ample U.S. fuel inventories weighed on the market.

According to the General Administration of Customs, China’s crude imports in January rose 27.5 percent from a year earlier, which indicates robust demand despite disruptions from the Lunar New Year holiday. China imported 34.03 million tons, or 8.01 million barrels per day (bpd) – the third-highest volume ever. The imports retreated from December’s record 8.57 million bpd.

On the down side, the U.S. dollar edged higher, buoyed by U.S. President Donald Trump’s remarks that he would announce the most ambitious tax reform plan since the Reagan era in the next few weeks.

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