Oil prices rallied today, up 2% in volatile trade. Positive economic data from China and the US was received well by markets after strong job growth in the US. China, the world’s top crude importer, brought in 8.79MM/bpd of crude in July, up from a four-year low in June, but still, 9.5% less than a year earlier, customs data showed. “Once again the macro influences have seeped back into this market especially as it relates to Friday’s employment number the economics of that should be giving us much better gasoline demand than we’re seeing,” said John Kilduff, partner at Again Capital LLC in New York. Analysts at Goldman Sachs said they believe the case for higher oil prices remains strong, with the market in a larger deficit than they expected in recent months. WTI traded up $1.75 or 1.97% to close at $90.76. Brent traded up $1.75 or 1.73% to close at $96.65.