Oil rises on China data, gold vulnerable - MarketPulse : vim

Oil rises on China data, gold vulnerable - MarketPulse


Oil rises on China data, gold vulnerable
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Oil rises on upbeat Chinese crude import data
Oil prices are picking up for a second day, slowly clawing back some of last week’s steep losses. Upbeat data from both China and India and tension in the Middle East are supporting oil prices.
Crude imports into China jumped 21% in March, albeit from a low base the year before, as refining operations and fuel demand ramped up during pandemic recovery.
India is emerging as the latest Covid hot spot. However, rather than depressing gasoline demand, demand has surged to a four-month high as millions of people favour their car over public transport. Tighter lockdown restrictions could see this trend quickly reverse.

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