Oil Prices Rise Amid Optimism Over Demand in China

Oil prices turned higher during Monday’s trading session as markets assessed economic data from China showing a rise in crude oil demand last month.

Brent crude futures for June delivery rose by 0.1%, or 7 cents, to $64.83 a barrel as of 09:31 a.m. Mecca time, after touching a low of $64.35.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for May delivery climbed 0.2%, or 12 cents, to $61.62 a barrel, after dipping to $61.08 earlier.

According to data released by China’s General Administration of Customs today, the country imported 51.41 million tons of crude oil in March, up 4.8% year-on-year.

Emma Li, an analyst at Vortexa, said: “China’s seaborne crude oil imports rebounded in March to 10.6 million barrels per day — the highest level since October 2023 — driven by record volumes of Iranian crude arriving in the Shandong region,” according to Reuters