Crude declines in Asia notwithstanding China Q1 crude import revenues

Crude declines in Asia notwithstanding China Q1 crude import revenues

On Thursday, crude held weaker in Asia, even after trade data from China demonstrated a solid revenues in the first quarter, as traders are focused on global demand and supply, shrugging off a dip in American inventories.

In New York, May delivery crude futures dipped 0.19%, trading at $53.01 a barrel. In London, Brent sagged 0.18%, trading at $55.76 a barrel.

China's crude imports inched up 15% during the first quarter compared to the same period last year, soaring to 105 million metric tons, as the country's General Administration of Customs informed on Thursday. In the first quarter imports of refined products sank 0.6% from a year ago, hitting 7.68 million tons.

Later, the Paris-based International Energy Agency is expected to issue its own estimates of oil supply and demand for March.

Overnight, oil futures settled lower, reacting to the latest Energy Information Administration data, which showed a sudden dip in American crude stockpiles from record peaks while output soared. 

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