Oil prices edge up on strong China data, U.S. crude oil draw | Reuters

Oil prices edge up on strong China data, U.S. crude oil draw | Reuters

Oil prices edged higher on Thursday after a drawdown in U.S. crude stocks for a fifth straight week and robust data from China showing a surge in imports, though mounting coronavirus cases globally capped gains.

Brent crude oil futures gained 13 cents, or 0.2%, to $56.19 a barrel by 0744 GMT, while U.S. West Texas Intermediate (WTI) increased 20 cents, or 0.4%, to $53.11 a barrel.

China’s total crude oil imports rose 7.3% in 2020 despite the coronavirus shock, with record arrivals in the second and third quarters as refineries expanded operations and low prices encouraged stockpiling, customs data showed.

“It capped off a strong year with most commodities recording positive growth despite weaker economic growth,” analysts from ANZ Bank said in a note on Thursday.