Oil prices rose today, Tuesday, in light of Chinese data and tension in the Gulf region after the Houthi “Ansar Allah” group said it had fired shells at Saudi oil sites.
By 03:56 GMT, Brent crude futures rose 0.5 percent, to $ 63.59 a barrel, while US crude futures rose 0.5 percent also to $ 59.98 a barrel.
Chinas exports increased at the fastest pace last March with the growing global demand in light of the progress in vaccination of Covid-19 vaccines around the world, while the growth of imports jumped to a four-year high.
China’s imports of crude oil jumped 21 percent last 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.
“The data indicate a domestic recovery that could be positive for gasoline demand (and) oil prices themselves rose after the issuance,” said Stephen Ins, senior global market analyst at Axi.
Prices also received support after the Yemeni Houthi group said yesterday that it launched 17 drones and two ballistic missiles towards Saudi targets, including facilities for Aramco in Jubail and Jeddah, but no confirmation has yet been issued from Saudi Arabia.