Oil prices climb on robust China data, Middle East tensions
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.
