Oil prices moved higher on Tuesday after fresh economic data from China came in stronger than expected, giving markets hope that global demand for oil could improve.
Brent crude rose about 0.3% to $64.13 a barrel, while U.S. West Texas Intermediate climbed 0.4% to $59.69.
The boost came after China reported 5% economic growth in 2025. On top of that, the country’s refineries and crude oil production hit record levels, which helped lift confidence that oil demand may stay strong.
At the same time, markets are keeping a close eye on the United States. President Donald Trump warned that new tariffs of up to 25% could be imposed on European countries by June if no agreement is reached, adding to fears of another trade war. The dispute is linked to tensions over Greenland.
Oil prices also found support from a weaker U.S. dollar, which often makes crude cheaper for buyers using other currencies.
Overall, optimism from China helped push prices up, even as trade concerns continue to create uncertainty in the market.
