Beijing/Singapore, – Oil prices reclaimed some ground on Thursday after tumbling to a six-month-low in the previous session.
Brent crude futures rose 38 cents, or 0.5 percent, to $74.68 a barrel. US West Texas Intermediate crude futures rose 42 cents, or 0.6 percent, to $69.80 a barrel.
Oil prices have fallen by about 10 percent since the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, announced a combined 2.2 million barrels per day voluntary output cuts.
Chinese customs data showed that crude imports in November fell 9 percent from a year earlier, as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand.
While total imports dropped on a monthly basis, China’s exports grew for the first time in six months in November, suggesting the manufacturing sector may be beginning to benefit from an uptick in global trade flows.
Source: Qatar News Agency
