Oil rises after strong data from China – the economic – the global economy

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Oil prices closed higher on Tuesday, supported by strong Chinese import data, but the gains were curbed by concerns that halting the distribution of Johnson & Johnson vaccine could delay the economic recovery and curb oil demand growth..

Brent crude ended the world record for the nearest trading session maturity, up 39 cents, or 0.6 percent, to settle at $ 63.67 a barrel..

U.S. West Texas Intermediate crude futures rose 48 cents, or 0.80 percent, to settle at $ 60.18 a barrel..

Prices of the two benchmarks recorded changes of less than 1 percent for the fifth session in a row.

China’s exports grew at a strong pace in March, giving another boost to the recovery of the world’s second largest economy as global demand soared amid progress in the distribution of Covid-19 vaccines. Imports reached the highest level in four years.

Crude oil imports to China jumped 21 percent year-on-year in March as refiners ramped up operations.

The Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth in 2021 by 70,000 barrels per day from its previous estimate to 5.95 million barrels per day, an increase of 6.6 percent..

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