Oil prices higher, but China’s weak import data weighs

Crude-oil prices gained slightly in Asia trade Tuesday, mainly driven by bargain-hunting as analysts say the tepid rise in China’s crude-oil imports last month was uninspiring.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX5, +0.81%  raded at $47.44 a barrel, up $0.34 in the Globex electronic session. November Brent crude LCOX5, +0.70%  on London’s ICE Futures exchange rose $0.36 to $50.22 a barrel.

Oil prices nosedived overnight on Wall Street, falling around 5% after the Organization of Petroleum Exporting Countries reported its September output climbed to a more-than-three-year high at an average of 31.57 million barrels a day, up about 109,000 barrels a day from the previous month and higher than the group’s target of 30 million barrels a day.

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