Oil prices soar on encouraging China data
Oil prices soar on encouraging China data
Picture used for illustrative purpose. File
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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