Crude oil edges higher in quiet trade


(MENAFN- ProactiveInvestors)

Crude oil futures rose overnight as firm global demand overshadowed a strong U.S. dollar although a holiday in the United States and much of Europe kept trading muted.

Front-month Brent crude gained $0.53 to US$65.90 a barrel by 01:50 p.m. after touching an intraday low of US$64.72.

U.S. crude was up slightly to US$59.80 a barrel.

The market drew support from figures showing strong demand across Asia and the United States.

Japan's customs-cleared crude oil imports rose 9.1% year-on-year to 3.62 million barrels per day in April the Finance Ministry said.

In China crude imports hit a record 7.4 million bpd last month with healthy car sales countering a slowing economy.

 

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