Oil prices rallied on Tuesday as the economy of the world’s largest oil importer, China, showed signs of recovery while rising tension in the Middle East following the Yemeni rebel attack on Saudi Arabia’s state oil company’s facilities also exerted price pressure.
International benchmark Brent crude was trading at $63.64 per barrel at 0652 GMT for a 0.56% increase after closing Monday at $63.28 a barrel.
American benchmark West Texas Intermediate (WTI) was at $60.02 per barrel at the same time for a 0.53% rise after it ended the previous session at $59.70 a barrel.
Oil prices found positive support from a strong rebound in China’s imports and exports in March. The country’s exports grew by 30.6% to $241.13 billion last month.
China's daily refinery throughput also increased 21% in March compared to last year in line with the easing of pandemic restrictions.
Exerting more support for bullish oil prices, Yemeni rebel forces hit Aramco's refineries in Jeddah and Jubail with 10 drones, as well as sensitive military sites in the Khamis Mushait and Jizan regions with drones and ballistic missiles.
“The operation has lasted from yesterday evening until dawn on Monday, the operation has successfully achieved its objectives. The armed forces confirmed that their operations continue and escalate as long as the aggression and siege on Yemen continue,” the group’s spokesperson Yahya Saree said on Twitter.
By Sibel Morrow