NYMEX and Brent head north in Asia

On Monday, oil prices held revenues during Asia trade because China’s trade balance surplus widened, although imports revealed a steep drop for the world’s number two importer.   

In New York, September delivery crude futures soared 0.29%, trading at $41.92 per barrel, while October delivery Brent futures grew 0.16% at $44.34 per barrel.  

China reported July’s trade balance came in at a surplus of about $52.31 billion, which is better than $47.6 billion expected. Then, exports dipped 4.4%, which is below the 3.0% sag observed, while imports demonstrated a 12.5% sink, far worse than the down 7.0% observed, both year-on-year.

Earlier in Japan, the adjusted current account kicked in at approximately ¥1.65 trillion, quite below July’s expected surplus of ¥3.20 trillion. Bank lending edged up 2.1%, beating the expected 2.0% revenue. Additionally, Chinese FX reserves hit CNY3.2 trillion, thus meeting expectations.

Weekly reports on American stockpile data on Tuesday and Wednesday will be closely watched for fresh supply-and-demand signals and also monthly reports from the Organization of Petroleum Exporting Counties as well as the International Energy Agency to estimate global supply and demand levels.

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