Oil rises heading for weekly gains supported by strong Chinese data

Oil prices rose during trading today, Friday, May 10, supported by indicators of improvement in the Chinese economy.

Yesterday, economic data revealed that Chinese exports and imports resumed growth in April after contraction in March, indicating improved demand internally and externally.

ANZ Research said in a note that continued signs of strong demand in China should keep the commodities market enjoying continued good support.

Meanwhile, San Francisco Fed President Mary Daly stated that there is a great deal of uncertainty in America about the direction of inflation in the coming months, however, she expressed her confidence that price pressures will continue to decline.

In terms of trading, Brent crude futures rose by about 0.6% to $84.39 per barrel. US crude futures also rose by 0.7%, recording $79.82 per barrel.

Oil prices rose to their highest level in a week thanks to data showing an increase in crude oil imports in China in April, and with investors considering the slowdown in the US labor market an indication of possible cuts in interest rates.