Tension in the Middle East and Chinese demand are raising oil prices

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Oil prices rose today, Tuesday, as data from China showed an increase in the growth of imports of the second largest consumer of oil in the world, as well as tension in the Middle East after the terrorist Houthi militia said it fired shells at Saudi oil sites.
Brent crude futures rose 31 cents, equivalent to 0.5%, to $ 63.59 a barrel, and U.S. crude futures rose 28 cents, or 0.5, to $ 59.98 a barrel.China’s exports increased at the fastest pace in March, in a new impetus for the country’s economic recovery with growing global demand in light of progress in vaccination against Corona vaccines around the world, while import growth jumped to a peak in 4 years.

China’s imports of crude oil jumped 21% in March from a low comparison basis for the same period a year ago, as refiners intensified activity amid strength in fuel demand with a decline in the Corona pandemic.

“The data … indicate a local recovery that may be positive for gasoline demand, and oil prices themselves rose after the issuance,” said Stephen Ins, chief global market analyst at Axi.

US crude oil inventories are expected to decline last week for the third time in a row, while stocks of gasoline and distillate products are likely to increase, according to a preliminary opinion poll, on Monday.





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