Oil prices rise on buoyant China, U.S. economic data

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Cranes at an oil industry support facility in Port Fourchon, Louisiana, U.S., on Wednesday, April 21, 2021.

Luke Sharrett | Bloomberg | Getty Images

Oil prices recovered after a 1% dip in the previous session, on buoyant economic data from China and the United States even as the surging pandemic in India capped prices.

Brent crude futures for July were at $68.47 a barrel by 0338 GMT, up 38 cents, or 0.6%, while U.S. West Texas Intermediate (WTI) crude for June rose 38 cents, or 0.6%, to $65.09.

Both Brent and WTI are on track for a second weekly gain as easing restrictions on movement in the United States and Europe, recovering factory operations and coronavirus vaccinations pave the way for a revival in fuel demand, while pent-up summer travel is likely to give gasoline and jet fuel consumption a further boost.

In China, export growth accelerated in April while the services sector expanded, bucking expectations of a slowdown at the world’s second-largest…

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