Oil rises slightly on statistics of its imports to China

World oil prices rose slightly on August 8 morning after the release of data from Chinese customs, according to which the import of oil into the country in January-July has increased markedly since the beginning of the year, Report informs referring to the auction data.

The price of October futures for Brent crude rose by 0.05% to $85.38 per barrel, September futures for WTI grew in price by 0.11% to $82.03.

The volume of oil imports to China in January-July increased by 12.4% in annual terms, amounting to 325.752 million tons of oil. At the same time, the volume of natural gas imports for the reporting period amounted to 66.876 million tons, showing an increase of 7.6% year-on-year.

At the same time, the total volumes of imports and exports in July decreased by 14.5% and 12.4% in annual terms, respectively. China is one of the largest oil importers in the world, so this data is important for the market.

In addition, the US Department of Labor will publish this information on August 10, analysts predict that in July consumer prices rose by 3.3% in annual terms after increasing by 3% a month earlier.