Oil Rises From Five-Month Low as Chinese Imports Advance
How to Play Oil as It Trades Near a Five-Month Low
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Oil surged the most in more than two months in London as Chinese crude imports climbed to a record in July.
China’s crude imports rose to a record on a monthly basis, driven by buying from small private refineries, according to preliminary data from the Beijing-based General Administration of Customs on Saturday. Prices fell to new lows earlier as the number of U.S. rigs seeking oil rose by six to 670, the third weekly gain, figures from Baker Hughes Inc. showed Friday.