London — Oil prices rose on Monday, with Brent reaching $70 a barrel, as data showed China’s economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world’s largest oil importer.
China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15% from the same period a year earlier, data showed. The growth rates were “insane”, he said, noting that producing and transporting all these materials require energy. The supply cuts come as oil cartel Opec and its allies, a group known as Opec+, decided earlier in March to extend most of its supply cuts into April.
Source: Energy Industry News (energyindustrynews.net)
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