WTI crude oil saw a temporary relief but stays close to a near 4-year low on Tuesday morning in Asia after data showed a sharp rebound in China's crude imports in March, but gains were limited by concerns that the trade war could weaken global economic growth and dent fuel demand. Data from the Chinese General Administration of Customs showed Chinese crude oil imports hit 12 million barrels per day (bpd) in March, the highest volume since August 2023. China imported a total of 51.41 million metric tons of crude oil in March. Currently, the counter is quoting at $61.59 per barrel. Meanwhile, the US energy firms have cut oil rigs by the most in a week since June 2023, lowering the total oil and natural gas rig count for a third consecutive week, energy services firm Baker Hughes said on Friday. The oil and gas rig count, an early indicator of future output, dipped by seven to 583 in the week to April 11, the biggest weekly decline since June 2024. Baker Hughes said this decline puts the total rig count down 34 rigs, or 6% below this time last year. Baker Hughes said oil rigs fell by nine to 480 this week, while gas rigs rose by one to 97.

Powered by Commodity Insights