Oil prices rose on Monday, with Brent reaching $70 a barrel, as data showed China’s economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world’s largest oil importer.
Brent crude futures for May were steady at $69.21, down 1 cent a barrel by 1150 GMT while U.S. West Texas Intermediate crude for April was at $65.62 a barrel, up 1 cent.
China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15% from the same period a year earlier, data showed.
“There is increasing confidence that global oil demand is rebounding as U.S. Covid-19 death toll is decreasing while China’s apparent oil demand rebounded”,
