Oil dips after weak Chinese trade data

Global benchmark Brent crude oil for March was down 25 cents at $57.55 a barrel by 0845 GMT after rising as high as $59.06 earlier in the session. Preliminary Chinese January customs data came in at 27.22 million tonnes of crude imports, though estimates from Thomson Reuters Research and Forecasts put the final figure at about 30 million tonnes. Falling U.S. oil rig counts and signs of strong U.S. economic growth helped offset the impact of the Chinese data on oil prices, which have dropped more