China imported far more Crude than needed in November, adding to strategic reserves and helping prevent a sharper drop in global Oil prices, though the sustainability of this trend remains uncertain, Commerzbank's FX analyst Michael Pfister notes.
Oil prices traded lower yesterday, with ICE Brent hitting its lowest level since late October, ING's commodity experts Ewa Manthey and Warren Patterson note.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $58.50 during the Asian trading hours on Thursday. The WTI edges higher after US President Donald Trump signed the bill to reopen the US government.