Oil prices are growing on positive data from China

Oil prices rise on Tuesday against a background of some increase in the optimism of traders in relation to the prospects for demand due to severe static from China.

The volume of Chinese imports in March jumped by 38.1% compared with the same month last year – the maximum pace since February 2017, the data of the main customs administration of the PRC (GTU) is evidenced. Export rose by 30.6%.

Oil demand predictions are unstable, given that the situation with COVID-19 in the world remains uneven: if there is progress in vaccination in Europe, then, for example, a new location introduced in India due to sharp increase in incidence.

The cost of June Brent oil futures at the London Stock Exchange Ice Futures by 9:20 is $ 63.49 per barrel, which is $ 0.21 (0.33%) above the price of closing the previous session. According to the results of trading on Monday, these contracts went up by $ 0.33 (0.5%) – up to $ 63.28 per barrel.

WTI oil futures price for May at the electronic bidding of the New York Commodity Exchange (NYMEX) by this time is $ 59.89 per barrel, which is $ 0.19 (0.32%) above the level of closing the previous session. On Monday, the cost of these contracts increased by $ 0.38 (0.6%) – up to $ 59.7 per barrel.

WTI oil trades about $ 60 per barrel from mid-March, and the further rise of the price is limited as uncertainty of the prospects for demand and OPEC plans + to build production, writes Bloomberg.