West Texas Intermediate near 6-week high

DUBAI | MELBOURNE: West Texas Intermediate traded near the highest in almost six weeks as China's net crude imports rebounded and the US jobless rate fell, signaling recovery in the world's two biggest oil consumers.

Crude in New York extended gains to increase for a seventh day after advancing 0.3% on December 6. China's net crude imports rose 19% to 5.73 million barrels a day last month, climbing from the lowest level in 14 months, data from the Beijing-based General Administration of Customs showed on Sunday.

US unemployment dropped to 7% in November, the lowest rate in five years, according to Labor Department figures. Refinery runs in the US increased in late November, data from the Energy Department showed last week. "US crude is starting to get more bids as refineries are starting and there are not-that-large stock builds in Cushing," the Oklahoma delivery point for West Texas Intermediate, Torbjoern Kjus, a senior oil analyst at DNB ASA, said by telephone from Oslo. "I expect US prices to stay solid and the Brent price to head lower," Kjus said, noting rising US refinery use as fuel processors draw down inventories and boost refined exports.

WTI for January delivery was at $97.87 a barrel, up 22 cents, in electronic trading on the New York Mercantile Exchange at 10:32 a.m. London time.