Oil Prices Slip Despite Stronger Chinese Import Data

0842 GMT – Oil prices move lower as a stronger dollar and weak macro sentiment outweigh more positive data from China. Brent crude is 1.5% lower at $83.86 a barrel while WTI is 1.6% lower at $79.60 a barrel—the first time it has dropped below $80 since late August. Chinese trade data shows that oil imports rose in October to 49 million metric tons, according to ANZ Research. “The risk of rising oil prices and additional import quotas for the year encouraged refiners to buy more oil,” ANZ said. Despite the positive data, the dollar is up 0.2%, with the market now pricing the chance of another rate hike from the Federal Reserve at 16%, up from 11% Friday, according to Deutsche Bank. (yusuf.khan@wsj.com)