Crude oil dips in Asia despite strong China data on oil imports
Crude oil prices dipped in Asia despite solid China trade data on imports for the month of December and all of 2017 with US rig count data ahead. China's crude oil imports in December come in at 34 million metric tons, while 2017 crude imports rose 10.1% to 420 million metric tons, highest on record. China's gas imports 7.87 million metric tonnes in December, while natural gas imports up 26.9% to 68.57 million metric tons. Last week, the Baker Hughes rig count came in at 742, a drop of five rigs. Overnight, crude oil prices settled near three-year highs on Thursday amid expectations that global oil demand growth and ongoing OPEC cuts would continue to reduce excess supplies
Source:Investing
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