Investing.com - Oil futures rose more than 1% on Monday, after data showed that Chinese crude imports accelerated sharply in October, but gains remained limited amid ongoing concerns over a glut in world markets.
On the ICE Futures Exchange in London, Brent for January delivery traded at $85.14 a barrel during European morning hours, up $1.17, or 1.39%.
London-traded Brent futures fell to $81.64 a barrel on November 5, a level not seen since October 2010.
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in December tacked on 90 cents, or 1.14%, to trade at $79.55 a barrel.
Nymex oil fell to $75.84 a barrel on November 4, the lowest level since October 2011.
Official trade data released over the weekend showed that China’s crude oil arrivals jumped 18.0% in October from the same month a year earlier to 24.09 million metric tons, or 5.7 million barrels per day.
The Asian nation's trade surplus widened to $45.4 billion last month from $31.0 billion in September, compared to estimates for a surplus of $42.0 billion.
Chinese exports climbed 11.6% from a year earlier in October, beating expectations for a 10.6% increase, while imports rose 4.6%, compared to forecasts for a gain of 5.5%.
The trade data came before a government report released Monday showed that Chinese inflation for October remained near a five-year low of 1.6%, unchanged from September and in line with expectations.
The producer price index fell by a more-than-expected 2.2% in October from a year earlier.
Meanwhile, the Labor Department said Friday that the U.S. economy created 214,000 jobs in October, falling short of expectations of 231,000.
However, September’s figure was revised up to 256,000 from a previously reported 248,000 and August’s figure was also revised up to 203,000 from 180,000 pointing to underlying strength in the labor market.
The unemployment rate ticked down to a six-year low of 5.8% from 5.9% in September, suggesting the economy remains on a strengthening path.
The U.S. and China are the world’s two largest oil consuming nations.
London-traded Brent prices have fallen nearly 27% since June, when it climbed near $116, while WTI futures are down almost 26% from a recent peak of $107.50 in June.
Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent weeks.
Some market analysts believe that only a cut in production by the oil cartel will halt the decline in prices.
Oil ministers from the 12-member group are scheduled to meet in Vienna on November 27 to discuss how to react to falling oil prices and whether to adjust their production target for early 2015.