Oil edges higher, Brent trades above $80

Oil drilling rigs

Oil prices edged higher today, July 13, with Brent crude trading above $80 a barrel as Chinese exports tumbled for the second straight month.

 

China's exports plunged 12.4% in June from a year earlier, lower than market forecasts of a 9.5% decline.

 

Brent crude for September delivery traded 0.24%, or 19 cents, to $80.3 a barrel at 08:01 am Makkah Time, after closing above $80 for the first time since April.

 

WTI for August delivery rose by 0.18%, or 14 cents, to $75.89 a barrel, after posting a gain of 1.2% on Wednesday.

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