Oil prices rise on positive China energy demand data

Gulf Today Report

Oil prices surged on Monday following data from China showcasing economic recovery, increasing energy demand outlook at the world’s largest oil importer.

Brent crude futures for May gained 47 cents, or 0.7%, to $69.69 a barrel by 04:38 GMT while US West Texas Intermediate crude for April was at $66.10 a barrel, up 49 cents, or 0.8%. 

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China has recorded growth above expectation in January-February, with its daily refinery data increasing by 15% from the same period a year ago.

Further supporting prices, Saudi Arabia has reduced the supply of April-loading crude to at least four north Asian buyers by up to 15%.

OPEC+ has announced its decision to extend most of its supply cuts into April.