Oil held losses below
$45 a barrel as crude imports dropped to the lowest level in five months
in China, the world’s second-biggest consumer.
Futures were little
changed in New York after declining 4.9 percent last week. China’s crude
imports fell to about 6.23 million barrels a day in October as demand
slowed and storage tanks filled, according to data Sunday from the
Beijing-based General Administration of Customs. A market surplus will
continue for as long as five years as producers in the Middle East ramp
up output, according to Mohammed Al-Shatti, Kuwait’s representative to
OPEC.
Oil has slumped 43
percent the past year amid speculation the global oversupply will
persist as the Organization of Petroleum Exporting Countries continue to
pump above their collective quota. Total exports from China, the
world’s second-biggest economy, dropped in October more than all
estimates in a Bloomberg survey.
West Texas
Intermediate for December delivery was at $44.43 a barrel on the New
York Mercantile Exchange, up 14 cents, at 8:37 a.m. Hong Kong time. The
contract lost 91 cents, or 2 percent, to $44.29 on Friday, the lowest
close since Oct. 27. The volume of all futures traded was about 22
percent above the 100-day average.
Brent for December
settlement was 10 cents higher at $47.52 a barrel on the London-based
ICE Futures Europe exchange. Prices fell 4.3 percent last week. The
European benchmark crude was at a premium of $3.10 to WTI.
Source : Bloomberg
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