WASHINGTON (dpa-AFX) - Oil prices climbed on Thursday after data showed China's crude imports rebounded in April from a month earlier.
On a daily basis, crude oil arrivals were equivalent to 9.84 million barrels, up from the 9.68 million barrels per day imported in March, data released by the General Administration of Customs showed.
As fuel demand increases, analysts expect China's fuel demand in the second quarter to rebound from the first three months.
Benchmark Brent crude jumped 6.7 percent to $31.70 a barrel, after having fallen 4 percent on Wednesday.
U.S. West Texas Intermediate futures were up almost 9 percent at $26.10 a barrel, after losing over 2 percent in the previous session.
Investors also cheered data showing that overall exports from China unexpectedly rose in April aided by stronger shipments to South East Asia.
The surprise rise helped investors shrug off dismal economic data from the U.S. and renewed U.S.-China tensions.
Exports grew 3.5 percent on a yearly basis, confounding expectations for a decline of 12.1 percent. Shipments had declined 6.6 percent in March.
Imports plunged 14.2 percent year-on-year versus expected fall of 12.4 percent and March's 0.9 percent drop.
Consequently, the trade balance showed a surplus of $45.34 billion, which was well above economists' forecast of $9.7 billion. The surplus increased sharply from $19.9 billion in March.
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