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Oil prices are rising, supported by strong Chinese data
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Oil prices rose, Tuesday, as data from China showed an increase in the growth of imports of the second largest consumer of oil in the world.
By 03:56 GMT, Brent crude futures were up 31 cents, or 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 of 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.
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