MTECHTIPS:-NYMEX crude rebounds in Asia after China exports show a gain

MTECHTIPS:-NYMEX crude rebounds in Asia after China exports show a gain

Crude oil staged a rebound in Asia after a surprise increase in China's December wx ports, brushing off earlier bearish supply data by a U.S. industry group. The American Petroleum Institute said crude stocks fell by 3.9 million barrels last week, while distillate supplies gained 3.7 million barrels and gasoline inventories jumped 7 million barrels. On the New York Mercantile Exchange, WTI crude for February delivery gained 0.64% to $30.70 a barrel, reversing an earlier loss after trade data from China came in. China reported December exports rose 1.4%, far outpacing an expected 8.0% drop and the first gain in six months, while imports fell 7.6%, less than the 11.5% drop seen. The trade balance came in at $60.09 billion, wider than the expected $53 billion surplus. As well, China's exports rose in December for the first gain in six months, initial figures in yuan terms showed Wednesday. Data from the General Administration of Customs showed a gain of 2.3% for exports in December compared with a year earlier in yuan terms. Imports fell 4.0% in December in yuan terms. In 2015, exports fell 1.8% and imports declined 13.2% with a trade surplus of RMB3.69 trillion expanding 56.7% from 2014. As well, the yuan's central parity rate against the U.S. dollar was set at 6.5630 Wednesday, slightly weaker than Tuesday's 6.5628, the People's Bank of China said.

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