West Texas Intermediate futures for December delivery rose to $44.79 ( 1.13%), while Brent crude advanced to $47.94 ( 1.10%), however gains were limited by a stronger dollar, which rose on strong U.S. jobs data released Friday. A stronger greenback makes crude oil more expensive for importers using other currencies.
Bloomberg News reported that according to data from the Beijing-based General Administration of Customs China's crude imports declined to about 6.23 million barrels a day in October. China is the second-biggest consumer of oil in the world and this report put pressure on oil's gains.
Meanwhile Saudi Oil Minister Ali al-Naimi said low oil prices are favorable for Asian costumers and demand "will soon reflect the attractiveness of the current prices." He expects Asia to account for most of demand growth. However Russia and producers in Africa and South America also raised shipments to the region increasing competition. Russian Energy Minister Alexander Novak said his country intends to more than double oil exports to Asian customers by 2035.