Perth: Brent oil futures dipped slightly on Monday in trade thinned by the Lunar New Year holiday, but stayed near a nine-month high near $119 a barrel, supported by stronger than expected demand growth in China.
Brent crude prices hit the nine-month peak on Friday after China’s exports and imports broadly surged in January, with oil imports rising to their third-highest daily rate on record.
“(Oil price gains) are happening against a backdrop of an overall moderate improvement in world economic growth outlook and demand,” said Ric Spooner, chief market analyst at CMC Markets in Sydney.
Brent had dipped 10 cents to $118.80 per barrel by 0400 GMT, after reaching $119.17 per barrel on Friday, the highest since May.
