Crude Oil was little changed on Monday, but the benchmarks were supported by speculation of improved outlook for crude demand in China and the US.
Futures were slightly higher in the early part of the European session, with volumes ebbing down amid bank holidays across Europe and lack of first-tier data from the world`s largest economies, while b etter-than-estimated Chinese exports and US payrolls boosted condfidence in the global economy and energy markets, but its basically a reaction to the promising trade data from China.
Over Sunday, China`s exports advanced but improts fall unexpectedly, offering stronger trade balance for May.
China’s trade balance surplus widened in May to $35.92 billion, from estimated $22.60 billion, where the previous revised reading recorded $18.45 billion from $18.46 billion.
Exports accelerated to 7.0% from estimated 6.7%, while the previous reading recorded 0.9% a year earlier. Imports fell more than estimated in May to -1.6%, down from estimated 6.0%, while the previous reading recorded 0.8% a year earlier.
In the US, non-farm payrolls came at 217,000 in the same period, following 282,000 gain a month ago, according to data released by the U.S. Labor Department on Friday. Analysts by Bloomberg called for an increase of 215,000.
As of 03:30 a.m. ET:
- WTI for July delivery was up 0.30% at $102.97 a barrel on the New York Mercantile Exchange
- Brent for July delivery was up 0.17% $108.80 a barrel on the ICE exchange in London
- NYMEX Natural Gas was up 0.49% at $7.733 per million British thermal units