Oil edged higher as data showed China's economic recovery was on track following the end of Covid Zero, boosting the demand outlook.
West Texas Intermediate climbed above US$81 a barrel after closing 2 per cent lower on Monday, the biggest daily drop in four weeks. China's economy grew at a faster pace than expected in the first quarter, while apparent oil demand and crude processing jumped in March. Factory output lagged forecasts, however.
“The more robust consumption picture is providing greater conviction that the recovery in China may provide some cushion for oil demand amid global recession concerns,” said Yeap Jun Rong, a market strategist for IG Asia Pte. Many market watchers are betting China's rebound from restrictive Covid curbs will underpin further price gains over the course of the year. Crude has rallied recently on signs of a tightening market after tumbling to a 15-month low in mid-March. Still, Russian energy flows remain resilient despite sanctions.
Russia's crude exports bounced back above 3 million barrels a day last week, despite Moscow saying it had cut output. One of the top consumers of the nation's crude — India — said it would continue seeking imports, with both countries discussing joint re-insurance for shipments, Tass reported. Investors are also watching for an economic survey from the Federal Reserve and further comments from officials this week, which will provide insight on the health on the US economy and the path for monetary policy.Brent for June settlement was 0.4 per cent higher at US$85.10 a barrel.
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