Oil prices kicked off the week higher, helped by data indicating China’s appetite for crude oil remains strong and a further fall in U.S. drilling activity. Oil prices remain about half of what they were just over a year ago, however, as the global supply of crude continues to exceed demand. A string of weaker economic data out of China, the world’s second biggest oil consumer, has spooked investors in recent months and further depressed prices. Brent crude, the global oil benchmark, rose 0.7% to $47.77 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.6% at $44.50 a barrel. On Sunday, China reported that its October crude imports dropped 5.7% from a month earlier but were up 9.4% from a year earlier. The strong annual import growth largely reflects crude inventory buildup and high refinery activity taking […]