After moving up sharply early on in the session thanks to data showing a jump in China’s crude imports in April, crude oil prices retreated and ended sharply lower on Thursday.
Traders also reacted positively earlier in the day to data showing an unexpected increase in China’s exports in April. The strong data helped offset Wednesday’s weak data from the U.S. and concerns about U.S.-China trade tensions.
West Texas Intermediate Crude oil futures ended down $0.44, or about 1.8%, at $23.55 a barrel, after having spurted more than 11% to $26.74 earlier in the session.
Brent crude futures ended lower by $0.26 at $29.46 a barrel.
On Wednesday, WTI crude oil futures for June ended down $0.57, or 2.3%, at $23.99 a barrel, snapping a five-day winning streak.
Data released by China’s General Administration of Customs showed crude oil arrivals in China were equivalent to 9.84 million barrels on a daily basis. That was up from the 9.68 million barrels per day in March.
The material has been provided by InstaForex Company – www.instaforex.com
Disclaimer: Please note all prices are for information only, they should not be relied upon for accuracy or trading. All prices quotes are based on CFD prices and are similar though not always identical to real exchange prices. STOCKTRKR or anybody connected with STOCKTRKR will not accept any liability for loss or damage arising from use of any information/commentary/charts or articles which is provided 'as is' for educational purposes only, nothing contained on this website should be considered as investment advice - please seek proper investment advice from registered financial broker or institution if you wish to trade on global markets and ensure you are familiar with the risks.
