Robust export data from China and healthy jobs report from USA boost oil prices

10-Jun-14

Oil prices rose in Asian trade Monday, boosted by robust Chinese export data and a solid US jobs report. US benchmark, West Texas Intermediate (WTI) for July delivery, rose to US$102.7 a barrel in mid-morning trade, while Brent North Sea crude for July inched up to US$108.6. Official data reveals a surge in China's trade surplus for May, as export growth accelerated sharply while imports saw a surprise fall. Exports rose 7% to US$195.47 bln year-on-year, while imports declined 1.6%to US$159.55 bln, resulting in a trade surplus of US$35.92 billion, up 74.9% year on year, as per economictimes.com.