Commodity Alert : Crude Oil Stays Weaker In Asia Despite Record Imports By China In January
Crude oil shrugged off record imports by top buyer China in January reported and stayed with a negative trend overnight in the US where fresh levels of shale output continues to come to the market as a counterweight to OPEC-led curbs. China reports trade balance data with a $54.10 billion surplus seen for January and exports up 9.6%, a dip from 10.9% in December, and imports expected up 9.8%, a jump from 4.5% in December. China's crude oil imports in January jumped 20% to record 40.64 million metric tons, equivalent to 9.57 million barrels per day (bpd), up from around 7.94 million bpd in December and the previous high of 9.17 million bpd in March of 2017.Overnight, crude oil prices settled sharply lower after data showed US domestic oil supplies rose for the second straight week while domestic production rose further above 10 million barrels per day.
Source : Investing
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