BEIJING/SINGAPORE- Oil prices rose slightly on Tuesday, supported by instability in the Middle East as well as China’s stimulus plans and data, although global growth concerns, US tariffs and Russia-Ukraine ceasefire talks curbed gains.
Brent futures ticked up 17 cents, or 0.2 percent, to stand at $71.24 a barrel, while US West Texas Intermediate crude futures rose 14 cents, or 0.2 percent, to $67.72 a barrel.
“Along with US strikes on the Houthis in Yemen, several factors provided support to the market,” ING analysts said in a research note.
“China unveiled plans to revive consumption, while Chinese retail sales and fixed asset investment growth came in stronger than expected.”
The state council, or cabinet, unveiled on Sunday a special action plan to boost domestic consumption, with measures such as boosting incomes and offering childcare subsidies.
On Monday, Chinese economic data showing that retail sales growth quickened in January-February also gave investors reasons for optimism, although factory output fell and the urban jobless rate reached its highest in two years.
Crude oil throughput in China, the world’s biggest crude importer, rose 2.1 percent in January and February from a year earlier, supported by a new refinery and holiday travel, official data showed on Monday.
