Oil prices rise on positive Chinese data

07/09/2021 Argaam

Oil rigs

Oil prices rose on Tuesday, supported by higher-than-expected growth in Chinese exports, which boosted optimism about the country’s economy.

 

China's dollar-denominated exports increased 25.6% year-on-year (YoY), while imports rose 33.1% YoY in August.

 

The country’s imports of crude also rose to their highest level in five months, as it imported 44.53 million metric tons of crude in August.

 

In terms of trading, the international benchmark Brent crude was up 0.7% at $72.75 per barrel, at 8.50 am Makkah time.

 

West Texas Intermediate (WTI) crude for October rose 0.1% to $69.38 per barrel, from Friday’s close, with no settlement price for Monday due to Labor Day holiday in the United States.

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