China's November exports rose unexpectedly by 0.1 percent from a year earlier, while imports expanded 6.7percent on strong demand for commodities from coal to iron ore, official data showed on Thursday.
That left the country with a trade surplus of $44.61 billion for the month, the General Administration of Customs said.
A 16 percent price rally over the past week has delivered U.S. frackers a golden opportunity to hedge - or sell forward - their production for 2017 and beyond, to shore up their coffers against possible future price falls.
Prices for prompt Brent and WTI benchmark futures contracts have hit their highest in nearly a year and a half, but this rush by the shale industry to hedge has capped the rally in prices of oil for delivery further in the future.
Oil prices erased early gains to trade almost flat in Asian session on Thursday on mixed U.S. crude stocks data and doubts over OPEC's implementation of an output cut, although a weaker dollar aided sentiment.
International Brent crude futures were trading up 2 cents at $53.02 a barrel at 0807 GMT. Prices fell to $52.81 a barrel earlier in the session.
U.S. benchmark West Texas Intermediate crude was up 3 cents at $49.80 a barrel after dropping to $49.61earlier.
But doubts remain over whether OPEC will be able to comply with output cuts and whether those curbs will be enough to rebalance markets.
Reference: Reuters
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