Oil prices climb on robust China data, Mideast tension

Oil prices climb on robust China data, Mideast tension

SINGAPORE - Oil prices climbed on Tuesday as data from China showed the world's second-largest oil consumer's import growth surging and on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites.Brent crude oil futures were up 37 cents, or 0.6%, at $63.65 a barrel by 0656 GMT while U.S. crude oil futures gained 32 cents, or 0.5%, to $60.02 a barrel.China's exports grew at a robust pace in March in yet another boost to the nation's economic recovery as global demand picks up amid progress in worldwide COVID-19 vaccinations, while import growth surged 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. "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.Also supporting prices, U.S. crude oil stockpiles were expected to have dropped last week for a third straight week, while distillate and gasoline inventories likely grew,