SINGAPORE – With Brent heading towards $70 a barrel, oil prices have increased, accelerating China’s economic recovery compared to the data showed at the start of 2021. This has in turn boosted the energy demand outlook at the world’s largest oil importer.
Brent crude futures for May gained 57 cents, or 0.8%, to $69.79 a barrel by 0748 GMT while U.S. West Texas Intermediate crude for April was at $66.17 a barrel, up 56 cents, or 0.9%.
According to the data, China’s industrial output growth increased in January-February, while its daily refinery throughput data rose 15% compared to the same period a year ago.
