Oil rises after robust China data but J&J vaccine pause weighs | Reuters

Oil rises after robust China data but J&J vaccine pause weighs | Reuters

Oil prices settled higher Tuesday on strong Chinese import data, but the rally was capped by concerns that pauses on the Johnson & Johnson vaccine could delay economic recovery and limit oil demand growth.

Brent crude oil futures settled up 39 cents, or 0.6%, at $63.67 a barrel, while U.S. crude oil futures gained 48 cents, or 0.8%, to $60.18 a barrel. Both contracts have recorded changes of less than 1% for five straight sessions.

“We’ve been trading in a range, and need clear demand data and direction on U.S. inventories to break out of this trough,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

China’s exports grew at a robust pace in March in yet another boost to the nation’s economic recovery, as global demand picked up amid progress in COVID-19 vaccinations. Import growth surged to the highest in four years.

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