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2021-05-07

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Oil Up, Gains Fueled by Better-Than-Expected U.S. and Chinese Economic Data

Investing.com – Oil was up Friday morning in Asia, set for its second consecutive weekly advance tha

Oil Up, Gains Fueled by Better-Than-Expected U.S. and Chinese Economic Data

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Dirui
·2021-05-07
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Investors now await April’s employment report, includingnon-farm payrolls, due later in the day.More positive data came from China, the world’s biggest oil importer, earlier in the day. TheCaixin Services Purchasing Managers Index (PMI)for April was 56.3,exportsgrew 32.3% year-on-year,importsgrew 43.1% year-on-year and thetrade balancestood at $42.86 billion. The better-than-expected data reflected strong domestic and international demand, with Chinese energy consumption also rebounding from 2020’s COVID-19-induced slump and crude imports jumping by more than 7% in the first four months of 2021.The black liquid has roared back to life in 2021, with Brent futures coming close to passing the $70 mark on Wednesday. The positive American and Chinese data offset concerns about rising numbers of COVID-19 cases in other countries. 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