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Oil prices increase on a weaker U.S. dollar and as Chinese stock market recovered
Oil prices increased on a weaker U.S. dollar and as Chinese stock market recovered. Oil prices dropped 7% last week on concerns over the global oil oversupply.
Earlier, the weak Chinese economic data weighed on oil prices. China's trade surplus fell to $43.03 billion in July from $46.54 billion in June, missing expectations for a rise to a surplus of $53.25 billion. Exports fell at an annual rate of 0.9% in July, while Imports slid at an annual rate of 14.6%, the ninth consecutive decline.
Investors eyed the number of oil rigs data. The oil driller Baker Hughes reported that the number of active U.S. rigs rose by 6 rigs to 670 last week. The increase was driven by a rise in rigs in the Permian basin. Combined oil and gas rigs climbed by 10 to 884.
WTI crude oil for September delivery climbed to $44.44 a barrel on the New York Mercantile Exchange.
Brent crude oil for September rose to $49.77 a barrel on ICE Futures Europe.
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