2024-05-11 08:34:38
Oil prices rose in Asian trade today, fueled by data that China’s economy is recovering at a better pace, as well as the ongoing conflict in the Gaza Strip, Reuters reported, citing BTA.
North Sea Brent futures, which benchmark the European market, added 37 cents, or 0.4 percent, to $84.24 a barrel.
U.S. light crude futures were up 41 cents, or 0.5 percent, at $79.64 a barrel.
In the previous session, oil prices hit a weekly high, boosted by data on an increase in imports from China in April, as well as signs of cooling in the US labor market.
In April, China’s exports and imports returned to growth after contracting in March, which analysts at ANZ Research said meant “China’s economy is strengthening and the commodity market will remain at a good level.”
The Israeli army’s operation in the Gaza city of Rafah has kept tensions high in the region and helped keep oil prices high.