Oil rises in price on statistics from China

World oil prices on Monday morning are steadily growing on the optimism of investors around the economic recovery and improved demand for fuel, which has increased after the release of macro statistics for the PRC, according to trading data.

As of now, the price of May futures for North Sea Brent crude oil mixture grew by 0.72%, to 69.72 US dollars, April futures on WTI – by 0.84%, to 66.16 US dollars per barrel .

Investors are optimistic about the global economic recovery after the coronavirus crisis. Thus, bidders drew attention to new economic data from China, which is the second largest consumer of oil in the world.

China’s industrial production in February in annual terms increased by 35.1% after growing by 7.3% a month earlier. The growth exceeded the expectations of analysts, who had predicted a 30% increase in the indicator. At the same time, the growth of retail sales in the PRC in February amounted to 33.78% in annual terms after falling by 4.78% in January.