Crude oil prices recover on robust data from China

Crude oil prices recovered today, fueled by strong data in China. However, the data from the rest of the world show fading demand and supply renewals in Norway, Libya and the Gulf of Mexico capped the gains.  Fundamental analysis: China helps crude China, the number one crude oil importer in the world, imported 11.8 million barrels per day (BPD) of oil in the last month. This is 5.5% higher than in August and up 17.5% from September 2019, according to data from customs. “Currently, oil demand is driven primarily by China,” Commerzbank said in a note. The International Energy Agency