December 8, 2015 6:09 PM

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Oil prices steady as China oil imports surprise

Global crude oil prices edged away from nearly 7-year lows, today, as China reported strong commodity imports. But overall, the market remained weak due to global oversupply and OPEC's decision to keep output high. Brent crude oil futures were up 31 cents, at 41.04 dollars a barrel. U.S. crude was up just 17 cents, at 37.82 dollars a barrel, and close to the 7-year lows hit yesterday. Both Brent and US crude had fallen over 6 percent, yesterday. Analysts said the decision by OPEC members to keep oil production output at record high levels suggests that the organization was effectively abandoning its long-term strategy of limiting production. Meanwhile, China's crude oil imports for the first 11 months of the year rose 8.7 percent, while its November crude imports grew 7.6 percent, according to preliminary official data.

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