New York: Oil prices gained as data showed China imported more crude in July. China imported 30.71 million tonnes of crude in July, up 29 percent on year to a record high, Xinhua cited the data by general administration of customs. The imports data from China, the top crude consumer, boosted the crude market.
Crude prices got support from equity market. US stocks traded higher on Monday, recovering from sharp declines last week. The US dollar dropped against most major currencies on Monday after soaring to a four-month high in the previous session. The weaker dollar made the dollar-priced crude less expensive and more attractive for buyers holding other currencies. The west Texas intermediate for September delivery moved up $1.09 to settle at $44.96 a barrel on the New York mercantile exchange, while brent crude for September delivery increased $1.8 to close at $50.41 a barrel on the London ICE future exchange.
