Oil firm on China's large trade surplus

An Indonesian worker checks barrels of oil at a distribution station of the state-owned oil company Pertamina in Jakarta, Indonesia, Friday, June 24, 2005. Crude oil futures briefly touched US$60 a barrel in Asian trading Friday, hours after reaching the psychologically important mark in New York, as prices rose on speculative buying and fears of supply disruptions due to refinery glitches. (AP Photo/Tatan Syuflana)

On rebound: crude trades above $75 on the back of strong Chinese trade data

US crude oil futures stayed firm above $76 a barrel today as China's bigger-than-expected trade surplus in June eased worries about a slowdown for the global economic recovery and oil demand.

Chinese exports in June rose 43.9% from a year earlier, while crude imports in the world's second-largest energy user rose by a quarter to hit a record high above 22 million tonnes.

Crude for August delivery was trading up 15 cents at $76.24 a barrel by 0128 GMT, after closing last week with a gain of above 5% - the biggest jump since the week to 28 May.

Crude hit an intraday high of $76.48 on Friday, the highest since 30 June.

"Because oil closed higher than expected last week, we are seeing some…

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