• Business - Market Data
  • Updated: April 13, 2021

Oil Prices Rise After China Discloses Trade Data

Oil prices edged up on Tuesday after China reported March exports data that missed analyst forecasts while imports for the month rose more than expected.

Brent crude oil futures climbed 25 cents, or 0.4 percent, at $63.53 a barrel on Tuesday morning while U.S. crude oil futures gained 14 cents, or 0.2 percent, to $59.84 a barrel. Both contracts are on course for their fifth session of sub-1 percent change.

READ ALSO: Oil Prices Rise As U.S. Crude Inventories Drop

Last month, Chinese exports jumped 30.6 percent from a year ago in U.S. dollar terms, lagging the 35.5% increase that analysts polled by Reuters had expected. Meanwhile, the country’s imports in U.S. dollar terms rose to a four-year high of 38.1 percent in March from a year ago, exceeding the 23.3% increase those analysts had forecast.

Crude oil imports into China jumped 21% in March from a low base of comparison a year earlier as refiners ramped up operations.

READ ALSO: Oil Prices Slip As OPEC+ Agree To Increase Output

Paras Anand, Asia-Pacific chief investment officer at Fidelity International, said the latest data showed that China’s economic recovery is entering “a different phase.”

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Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

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