Oil touches 2019 high on upbeat Chinese data
The US looks to unsettle producers with fresh sanctions, while Chinese PMI data registers its best performance since 2012
Tokyo — Oil prices rose to fresh 2019 highs on Tuesday, supported by firm Chinese economic data that eased demand concerns, the possibility of more sanctions on Iran and further Venezuelan supply disruptions. Brent crude rose 32c, or 0.5%, to $69.33 a barrel by 2.12am GMT, having earlier touched $69.50, the highest level since mid-November. US West Texas Intermediate (WTI) futures rose 30c, or 0.5%, to $61.89 a barrel, after earlier rising above $62 for the first time since early November. Positive data from the world’s biggest economies, the US and China, bolstered prices, with China’s manufacturing sector unexpectedly returning to growth for the first time in four months during March, figures showed on Monday. “China’s PMI number was the most significant monthly increase since 2012, which should ease concerns around a potential threat to oil demand,” said Stephen Innes, head of trading and market strategy at SPI Asset Management. The Caixin/Markit manufacturing purchasing managers...
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