(Bloomberg) — Oil rebounded after its biggest daily drop in more than a week amid dollar weakness and data showing Chinese crude imports rose last month.
Futures in New York rose around 1% toward $40 a barrel. Chinese crude imports climbed 2.1% in September from August, the General Administration of Customs said Tuesday, in a positive sign for global demand. Buying was resilient against expectations for a slowdown and volumes are likely to stay high through to the end of the year, Australia & New Zealand Banking Group Ltd. said in a note.
Crude dropped 2.9% Monday as several supply disruptions that have supported prices subsided. Libya’s largest oil field could be at full capacity by next week, while Royal Dutch Shell Plc, BHP Group and Chevron Corp. said they’ve begun resuming operations at Gulf of Mexico platforms after Hurricane Delta. That followed the cancellation of an oil