Futures Movers: Oil prices rise on Chinese bump in crude imports

Oil futures rose Thursday, extending their recent gains following a report of steep draw in U.S. crude inventories and another big increase in Chinese oil imports.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October CLV6, +2.09% traded up 1.6% at $46.24 a barrel. November Brent crude on London’s ICE Futures exchange LCOX6, +1.81% rose 1.3% to $48.61 a barrel.

Futures maintained their gains after Chinese government data showed the country’s oil imports rose to their highest level of the year last month, the latest sign that China’s appetite for foreign crude remains voracious amid depressed oil prices.

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