Oil soared on Chines figures and the ongoing geopolitical tensions
Oil inched up on Tuesday following Chinese economic figures that demonstrated an acceleration beyond projections, while mounting disruptions in the Middle East spiked markets worries after Israel stated that it would retaliate to Iran’s strike.
Brent crude added 0.2% to $90.30 per barrel, while US crude futures ticked up by 0.3%, to $85.62 per barrel.
Oil prices climbed by 1% after the release of official figures from China that saw the GDP of the largest oil importer advanced by 5.3% for Q1, YOY exceeding analysts’ estimates.
Although, the two benchmarks capped some gains, a slew of indicators in China showed that the demand lingered weak.
Oil touched a peak the earlier week, not seen since last October, but slumped on Monday following Iran’s strike on Israel that didn’t result in major consequences, alleviating worries of possible escalated disruptions.
Iran currently produces over 3 million bpd of crude oil, marking it a major producer within OPEC.