Oil prices rose on Monday, with Brent heading toward $70 a barrel, as data showed China’s economic recovery accelerated at the start of 2021, boosting 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%.
China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15% from the same period a year ago, data showed.
China’s heavy industry has shown robust growth as its output of cement, steel, coal and aluminium registered double-digit growth compared with 2019’s pre-COVID pandemic levels, said Seng Yick Tee, analyst at China consultancy SIA Energy, adding that the growth rates were “insane” given China’s large bases.
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