Oil prices rise over 1% as dollar dips

Oil futures rose over 1% in Asian trade with US crude off February 3 lows while Brent climbed off February 22 lows, as the dollar index backed off July 28 highs. 

The gains came following a batch of Chinese data and amid a lack thereof from the US.

As of 06:03 GMT, US crude futures due in August rose 1.27% to $89.58 a barrel, while Brent futures due in September rose 1.47% to $95.66 a barrel, as the dollar index shed 0.06% to 106.54.

From China. the trade surplus rose to $101.3 billion from $97.9 billion in June, as exports grew more than imports.

China's oil imports rose as well in July from four-year lows as travel activities improved with restriction removed. 

Latest World Health Organization data showed Covid 19 infections at 579.09 million worldwide, with the death toll at 6.407 million.

Baker Hughes data showed US oil rigs fell 7 rigs last week to 598 rig off March 2020 highs, the first decline in ten weeks, while US production steadied at 12.1 million bpd, the highest since April 2020.

US output is down 1 million bpd, or 8% from record highs at 13.1 million bpd scaled in March 2020.