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Oil falls due to weak Chinese data
Crude oil prices fell on Monday with lower Chinese imports, which refers to fuel demand declined in the second largest energy consumer in the world, offsetting the impact of news decline in the number of US oil rigs and the strength of the economic growth of the United States.
And went down the global price of Brent crude dime futures for March delivery up to $ 57.70 a barrel after rising to $ 59.06 earlier in the session.
US crude price of $ 51.87 a barrel, after reaching its highest level in the session to $ 53.40 a barrel.
Prices have dropped with the commercial performance of China fell in January as exports fell 3.3% from year-ago levels, while imports plunged 19.9 percent to a much weaker performance than analysts had expected and highlights the intensification of the slowdown.
And increased the price of Brent more than nine percent last week, its biggest weekly gain since February 2011. It jumped more than 18% crude futures in the last two weeks in the strongest performance of its kind since 1998. It ended this trend losing streak lasted six months and plunged oil prices to less than half.
The number of US oil rigs last week to its lowest level since December 2011, reflecting the pressure imposed by the falling prices for crude producers.
Oil also found support in the growth of US jobs in January data, which exceeded expectations in terms of number of jobs increased in the non-agricultural sectors, including more than 257 thousand of Wall Street estimates
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