Oil Rising Supported by Strong Chinese Data

Oil prices rose on Tuesday, April 13th, as data from China showed an increase in the growth of imports of the second-largest consumer of oil in the world.

Brent crude futures were up 31 cents, equivalent to 0.5%, to $63.59 a barrel, while U.S. crude futures increased 28 cents, or 0.5%, to $59.98 a barrel.

China’s exports increased at the fastest pace in March, in a new impetus for the country’s economic recovery with growing global demand in light of progress in vaccination with Covid-19 vaccines around the world, while import growth jumped to a four-year high.

China’s imports of crude oil jumped 21% in March from a low comparison basis for the same period a year ago, as refiners intensified activity amid strength in fuel demand with a decline in the Covid-19 pandemic.