Oil rebounds as strong China trade data offsets supply concerns | Reuters

Oil rebounds as strong China trade data offsets supply concerns | Reuters:

Oil prices rose on Tuesday, recovering some ground from falls of nearly 3% in the previous session, drawing support from robust China data, although concerns about supply resumption in Norway, the U.S. Gulf of Mexico and Libya still weighed on the market.

U.S. West Texas Intermediate (WTI) crude futures rose 12 cents, or 0.30%, to $39.55 a barrel at 0739 GMT. Brent crude futures rose 12 cents, or 0.29%, to $41.84 a barrel.

China, the world’s top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from 11.18 million bpd in August and 17.5% from 10.04 million bpd in September last year, customs data showed on Tuesday.

Oil prices remained under pressure, however, from worries about the return of supplies, while resurgent COVID-19 infections in the U.S. Midwest and Europe raised doubts about fuel demand growth, posing a challenge for the Organization of the Petroleum Exporting Countries and its allies, together called OPEC+.