Crude oil climbs after strong economic data from China and the U.S.

Crude oil futures closed higher on Monday (Aug. 8) on strong economic data from China and the United States. This gives investors hope that global oil demand will continue to rise.

  • WTI crude futures were up $1.75, or 1.97%, at $90.76 a barrel.
  • BRENT crude futures were up $1.73, or 1.8%, at $96.65 a barrel.

China’s Customs Bureau reported that China’s exports rose 18% year-on-year in July. At the same time, imports rose 2.3% in July, boosting China’s trade surplus to a record $101 billion.

In the first 7 months of this year, China’s exports increased by 14.7%, while imports increased by 5.3% year-on-year.

In addition, the China Customs Service announced that China imported 8.79 million barrels of crude oil per day in July. This is an increase from a 4-year low in June.

According to the U.S. Bureau of Labor Statistics, nonfarm payrolls rose by 528,000 in July, and the unemployment rate fell to 3.5%, below analysts’ forecast of 3.6%.

Strong economic data from China and the U.S. allowed oil prices to close in positive territory. WTI oil prices fell by 9.7% and Brent crude oil prices by 13.7% last week.

Recession concerns arose after the U.S. economy contracted by 0.9% in the second quarter, following a 1.6% contraction in the first quarter.

Investors await EIA crude oil inventory report on Wednesday

The Spot Market is Open

Tuesday, August 9, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.50

90.54

-0.22

-0.24%

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