Brent oil hit a 2019 high above $72 a barrel on Wednesday, propelled by steady economic growth in China and a fall in U.S. crude stocks which defied expectations and signaled firm demand, while global supply remained tight.
International benchmark Brent crude futures were up 20 cents, or 0.28 percent, at $71.92 by 1320 GMT, having hit an intraday peak of $72.27.
U.S. West Texas Intermediate (WTI) crude futures were at $64.39 per barrel, up 34 cents or 0.53 percent and just shy of a 2019 high of $64.79 hit last week.
China’s economy grew by 6.4 percent in the first quarter, official data showed, defying expectations for a further slowdown and assuaging global markets as a U.S.-China trade deal also appears near.
Refinery throughput in China – the world’s second-largest crude user – rose 3.2 percent in March from a year earlier.
“The demand side of the equation got a substantial fillip via today’s China data suggesting prices will continue to move higher on improving global growth and risk sentiment,” said Stephen Innes, head of trading at SPI Asset Management.
Prices have been supported this year by a pact reached by the Organization of the Petroleum Exporting Countries and allies, including Russia, to limit their oil output by 1.2 million barrels per day.
