WTI Oil Trades Near Six-Week High as China’s Crude Imports Climb - Bloomberg

WTI Oil Trades Near Six-Week High as China’s Crude Imports Climb - Bloomberg:

"West Texas Intermediate traded near the highest price in almost six weeks as China’s net crude imports rebounded in November and the U.S. jobless rate fell, signaling a recovery in the world’s biggest oil consumers.
Futures were little changed in New York after advancing 0.3 percent on Dec. 6 to cap a six-day advance, the longest rising streak since August. China’s net oil imports rose 19 percent to 5.73 million barrels a day last month, climbing from the lowest level in 14 months, data from the Beijing-based General Administration of Customs showed yesterday. The U.S. unemployment rate dropped to 7 percent in November, the smallest in five years, according to Labor Department figures.
“The market is holding its gains,” said Ric Spooner, a chief analyst at CMC Markets in Sydney who predicts investors may sell West Texas contracts as prices approach $100 a barrel. “We’re into a zone of resistance after the rally we’ve seen so far. People will be watching to see what it does from here.”"

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