CHENNAI: Brent crude futures steadied above $106 per barrel on Wednesday after China's total imports surged in March, suggesting that the recovery in the world's No 2 oil consumer was strengthening.
Chinese imports grew 14.1 percent in March, while exports grew 10 percent, relieving concerns over the subdued import growth of previous months. Crude imports slipped 2.1 percent from a year ago, in line with market expectations.
"The trade numbers bode well for the global economy; the drop in crude imports doesn't really change the overall picture," said Tony Nunan, an oil risk manager at Mitsubishi Corp in Tokyo.
"The oil markets are struggling and looking for support, and this should keep them supported for now."
Geopolitical concerns also kept oil prices supported, especially simmering tension in Iran and North Korea.
Front month Brent futures added 1 cent to stand at $106.24 per barrel by 0310 GMT, after posting their biggest gain since December in the previous session.
US crude fell 33 cents to $93.87 per barrel after inventory data showed crude stockpiles rose by a larger than expected 5.1 million barrels, compared with analyst expectations of a 1.5 million barrel rise.
Brent could slip back to $105.38 per barrel after hitting resistance at $106.60.
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