Steady economic growth in China and a fall in US crude stocks are partly behind the jump
London — Brent oil hit a 2019 high above $72 a barrel on Wednesday, propelled by steady economic growth in China and a fall in US crude stocks, which defied expectations and signalled firm demand, while global supply remained tight.
China's economy grew by 6.4% in the first quarter, official data showed, defying expectations for a further slowdown and assuaging global markets as a US-China trade deal also appears near. Prices have been supported this year by a pact reached by Opec and allies, including Russia, to limit their oil output by 1.2-million bpd.Iran's crude exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a drawdown in buyer interest ahead of expected further pressure from Washington.
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