Oil rises on positive China data.
Oil continues to rise today after it was reported that China’s exports grew at a strong pace in March while import growth surged to the highest in four years. Crude oil imports into China jumped 21% in March as refiners ramped up operations. OPEC in its monthly report today raised its forecast for 2021 oil demand growth by 70,000 to growth of 5.95 million barrels per day (bpd), or 6.6% – which is adding to the bullish pressure on oil. The rising geopolitical tensions are also supporting oil prices after Yemen’s Iran-supported Houthi movement said it fired 17 drones and two ballistic missiles at targets in Saudi Arabia, including Saudi Aramco facilities.
Expect buyers on downward corrections.
Next resistance to watch – 65.36
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