Oil rises on U.S. crude storage draw, increase in Chinese imports

News Snapshot:

Oil prices rose on Thursday as falling U.S. crude inventories amid rising refinery intake and a rise in Chinese imports last month supported higher demand expectations for the world’s two largest crude consuming nations. Brent crude futures for July rose 64 cents, or 0.8 per cent, to $84.22 a barrel by 0812 GMT. U.S. West Texas Intermediate crude for June was up 66 cents, or 0.8 per cent to $79.65 per barrel. “Oil markets were buoyed by a larger-than-expected draw in the U.S. inventory data. The improved China’s trade balance data added to the upside momentum,” said Tina Teng, an...