Crude oil futures climbed sharply on Thursday, at least partly supported by Saudi Arabia’s decision to lift prices to help stabilize values, while China’s appetite for the commodity picked up in April compared with prior months.
Saudi Arabia, the most influential member of the Organization of Petroleum Exporting Countries, is raising crude prices for its customers world-wide, according to Bloomberg TV.
Meanwhile, China’s imports rose to 10.42 million barrels a day in April from 9.68 million in March, according to Reuters data. Overall imports for the world’s second-largest economy and the biggest oil importer were down 14.2% from the year-ago period. However, exports from the country grew an unexpected 3.5% from the previous year.