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Oil prices rose after strong data from China

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Oil prices rose on global markets today, Wednesday, after the release of strong industrial data from China, which supported the demand outlook.

And by 09:11 Moscow time, futures for American oil rose by 0.61% to $77.52 per barrel, while futures for Brent crude rose by 1.75% to $83.89 per barrel, according to data from Bloomberg.

The rise came after the Purchasing Managers’ Index (PMI) in manufacturing showed that manufacturing activity in China grew at its fastest pace in more than a decade in February.

According to the National Bureau of Statistics of China, the index (PMI) rose to 52.6 points from 50.1 points recorded in January, and the result exceeded the 50 point mark, which separates the increase and decrease in activity.

Source: Bloomberg + News

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