Oil climbs above $107 on strong Chinese demand
Brent crude oil rose above USD 107 a barrel on Monday, snapping five straight days of losses after Chinese data showed the world's biggest energy consumer was rebounding after a slowdown.
China's implied oil demand in November surpassed 10 million barrels per day (bpd) for the first time while its crude imports rose to the second-highest daily rate on record, providing more evidence of recovery after data over the weekend showed refinery runs rose to a new high.
Brent futures gained 50 cents to USD 107.52 a barrel by 0855 GMT, ending its longest losing streak since early November. The North Sea contract shed almost 4 percent last week.
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