Oil prices end higher on hope of stimulus

Data released Monday showed China's imports shrank unexpectedly in August. China's president warned of a further slowdown and at one point drove benchmark oil fell by $1 per barrel. But the hope of stimulus action by the Federal Reserve on Thursday served as a safety net

Benchmark crude ended up 12 cents to $96.54 in New York. The price remains in a virtual stall — oil has traded between $94 per barrel and $97 per barrel for nearly a month.

China's oil imports fell about 13 percent in August from a year ago, according to Barclays. Factory output is now at a three-year low. A second report showed China's auto sales growth tumbled to below 4 percent last month, from 11 percent in July and 15 percent in June.

It's troubling news from the world's second-largest economy, especially when growth in the world's No. 1 economy — the U.S. — has also slowed.

On Friday, the U.S. government reported the economy added a weaker-than-expected 96,000 jobs last month, increasing the likelihood of another round of stimulus from the Fed.