Oil prices rise slightly after macroeconomic data release on China

Global oil prices rose slightly after the publication of macroeconomic data on China, Report informs referring to the auction data.

The price of June futures for Brent crude rose by 0.13% to $84.88 per barrel, June futures for WTI grew in price by 0.15% to $80.95.

According to statistics, China’s GDP growth for the first quarter of the year amounted to 4.5% in annual terms, after increasing by 2.9% in the previous quarter. Industrial production in the country in March increased in annual terms by 3.9%. For investors, this means that the Chinese economy has recovered from the zero COVID policy.

China is one of the main oil importers in the world, so the market is closely watching such data.

Investors are also awaiting data on the dynamics of US commercial oil stocks for the week to April 14, which the country’s Energy Department will publish on April 19. According to the DailyFX portal, analysts expect inventories to fall by 2.5 million barrels.