Oil prices rose in Asian trade today, boosted by robust Chinese export data and a solid US jobs report, analysts said.
US benchmark, West Texas Intermediate (WTI) crude for July delivery, gained 11 cents to $102.77 a barrel in mid-morning trade, while Brent North Sea crude for July delivery rose three cents to $108.64.
China’s trade surplus surged in May, official data showed on Sunday, as export growth accelerated sharply while imports saw a surprise fall.
Exports from the world’s second biggest economy increased seven per cent to $195.47 billion year-on-year, while imports declined 1.6 per cent to USD $159.55 billion.
This resulted in a trade surplus of USD 35.92 billion, up 74.9 per cent year on year.
“The week-end report comes as a quite unexpected surprise on the upside, underpinning the demand for commodities,” Desmond Chua, an analyst at CMC Markets in Singapore, said.
The Labor Department had said on Friday said the US economy added 217,000 jobs in May, in line with expectations and marking the fourth straight month above 200,000. The figures are the latest in a string of data out of the United States indicating a recovery is well on track.
Investors are keeping an eye on Ukraine after its new Western-friendly President Petro Poroshenko vowed to end the fighting with pro-Russia separatist rebels in the east.
Investors fear a full-blown conflict in the ex-Soviet state, a conduit for a quarter of European gas imports from Russia, will disrupt supplies and send energy prices soaring.