The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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Brent crude rose on Monday after official Chinese data showed strong demand in the world's second-largest oil consumer, but early gains were pared as uncertainty surrounding Italian election results weighed on the euro and spooked markets.
Chinese oil imports rose more than 7 percent in January from a year earlier, customs data showed, while its imports from sanction-hit Iran dropped by about a third, spurring fears of a tighter market.
"China's oil imports were up big in January," said Phil Flynn, an analyst at Price Futures Group in Chicago.
Robust demand growth from China contributed to a near $10 rally in Brent prices at the start of the year, but prices slipped 3 percent last week after oil industry sources said Saudi Arabia was preparing to increase second quarter output.
Brent crude rose around 1.5 percent on Monday to an early high of $115.87 a barrel, but by 1:15 p.m. EST (1815 GMT) was trading just 51 cents higher at $114.61 a barrel.
Along with the rapid development of China's energy industry, China Oil & Gas Pipeline network is experiencing unprecedented great structure, large-scale construction and giant leap. Read More >
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