Brent crude futures rose by six cents, or 0.06% to $98.63 a barrel today. US West Texas Intermediate crude was at $92.60 a barrel, down 1 cent, or 0.01%.
But prices pared losses in early European trading following stronger risk sentiment, news of recovering Chinese crude imports and as the US dollar weakened against other currencies, UBS analyst Giovanni Staunovo said. While China's imports and exports unexpectedly contracted in October, its crude oil imports rebounded to the highest level since May.
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