Oil futures rose Monday, boosted by upbeat Chinese economic data, while building on the strongest quarterly percentage rise in roughly a decade.
Demand-side optimism picked up after the Caixin-Markit China manufacturing purchasing managers index rose above 50 in March, indicating growth. Early Monday, West Texas Intermediate crude for May delivery on the New York Mercantile Exchange rose 71 cents, or 1.2%, to $60.85 a barrel. The contract ended Friday at $60.14 a barrel — the highest close since Nov. 9. The U.S. benchmark rose 32.4% over the first three months of 2019, its strongest quarterly advance since the second quarter of 2009.
The global benchmark, Brent crude's June contract was up $1.06, or 1.6%, to $68.64 a barrel on the ICE Europe exchange. Brent logged a roughly 25% quarterly rise, also its strongest since 2009.
Source : MarketWatch