Oil prices increased on Tuesday following the prior day’s 3% slump, amid reports that China’s crude oil imports rose 2.1% mom in September. Reuters reported that China, the world’s top crude oil importer, took in 48.48 million tonnes of oil last month, according to Chinese customs Tuesday. For the first three quarters of 2020, China imported a total of 416 million tonnes of crude oil, data showed, or about 11.08 million bpd, up 12.7% from the same period last year. At around 06:15 AM GMT, WTI crude rose 0.9% to $39.79 a barrel. Brent crude was also up 0.9% to $42.08 a barrel. On Monday, oil prices plunged on concerns about the return of supplies while resurgent COVID-19 infections in the US Midwest and Europe raise worries about fuel demand growth, with the IEA forecasting a 5% fall in global energy demand in 2020. Investors now keep their eye on Libya, a member of the Organization of OPEC, which on Sunday lifted force majeure at the Sharara oilfield.
