Investing.com - Crude oil prices rose in Asia on Monday despite disappointing trade data from China that showed a sharp drop in exports and a narrower trade surplus than expected.
China said March exports slumped 14.6%, compared to a 12.0% year-on-year gain expected in March, while imports fell 12.3%, compared to an expectation of down 11.7% and a trade balance surplus of $3.08 billion, well below a $45.35 billion surplus seen.
Oil traders are also looking ahead to a raft of Chinese economic data in the week ahead, including reports on first quarter gross domestic product, as well as data on industrial production and the trade balance.
The U.S. and China are the world’s two largest oil consuming nations.
On the New York Mercantile Exchange, crude oil for delivery in May rose 0.42% to $51.86 a barrel.
Last week, crude oil futures settled higher on Friday, after data showed that the pace of falling rigs in the U.S. accelerated last week.
Industry research group Baker Hughes (NYSE:NYSE:NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. fell by 42 last week to 760. It was the 18th straight week of declines and the largest drop in a month.
Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market.
Elsewhere, on the ICE Futures Exchange in London, Brent for May delivery rallied $1.30, or 2.3%, on Friday to settle at $57.87 a barrel by close of trade.
Market experts largely estimated that a ramp-up in Iranian crude exports could take several months after Western powers negotiated a tentative nuclear deal with Tehran earlier in the month.
In the week ahead, markets will be looking ahead to Tuesday’s report on U.S. retail sales, as well as Friday’s reports on inflation and consumer sentiment, for further indications on the strength of the economy.