Oil climbs on upbeat China, U.S. economic data

Oil climbs on upbeat China, U.S. economic data

Oil prices rose after a 1% decline in the last session on positive economic data from China and the United States even as the worsening COVID-19 crisis in India capped prices.

Brent crude futures for July contract rose 0.6%, or 38 cents, at $68.47 per barrel. U.S. West Texas Intermediate crude for June delivery was up 0.6%, or 38 cents, at $65.09 per barrel.

Both Brent and WTI are on course for a second weekly rise as easing lockdown in Europe and the United States, speedy vaccine programmes, and improving factory operations revived fuel demand. 

Chinese crude imports fell 0.2% to 40.36 million tonnes, or 9.82 million bpd year-on-year in April, its lowest since December.

U.S. unemployment claims fell, showing the labour market recovery entered a new level amid a booming economy.

However, fuel demand recovery has been uneven as rising COVID-19 cases in India have lessened fuel consumption at the world’s third-largest oil importer and consumer.

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