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.
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.
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.”