Oil prices soar on encouraging China data

Gulf Today Report 

Oil prices rose on Tuesday following an indication of rapid growth in data from China and tensions in the Middle East.

Brent crude oil futures were up 31 cents, or 0.5%, at $63.59 a barrel by 03:56 GMT while US crude oil futures gained 28 cents, or 0.5%, to $59.98 a barrel.

In March, China’s export grew, boosting the country’s economic recovery. The import also jumped to the highest in four years.

Crude oil imports into China also jumped 21% in March from a low base of comparison a year earlier as refiners ramped up operation amid robust fuel demand as the COVID-19 pandemic eased.

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"The data ... points to a domestic revival that could be good news for gasoline demand (and) as such oil prices have moved higher post the release," said Stephen Innes, chief global market strategist at Axi.

In the Middle East, the Houthi movement on Monday said it fired 17 drones and two ballistic missiles at targets in Saudi Arabia.

The pace of vaccination in Europe and the hope of additional supply of oil from Iran capped oil prices gain.