June 10 (Reuters) – Oil reversed losses on Thursday, rebounding towards $75, after data showing Chinese overall exports surged in May outweighed weaker demand readings in top consumer the United States.
China’s exports rose 48.5 percent in May from a year earlier, the General Administration of Customs said on Thursday, beating forecasts of a 32 percent gain and confirming a Reuters report on Wednesday on the export figure which helped send oil up more than 3 percent.
U.S. crude for July CLc1 rose as much as 35 cents to $74.73 a barrel and was up 25 cents at $74.63 a barrel at 0447 GMT, after trading as low as $73.72 before the exports data came out. ICE Brent LCOc1 gained 14 cents to $73.41. (Editing by Himani Sarkar)