Oil up 1% on Mideast Risks, China Stimulus

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT

Oil up 1% on Mideast Risks, China Stimulus

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose more than 1% on Tuesday to their highest levels since the beginning of the month, supported by instability in the Middle East and China's plans for more economic stimulus.

Brent futures climbed 84 cents, or 1.2%, to $71.91 a barrel by 0911 GMT, while US West Texas Intermediate crude futures also rose 84 cents, 1.2%, to $68.42.

Oil prices gained support from President Donald Trump's vow to continue the US assault on Yemen's Houthis unless they end their attacks on ships in the Red Sea. Trump said on Monday he would hold Iran responsible for any attacks carried out by the Houthi group that it backs in Yemen.

Meanwhile, Israeli airstrikes in Gaza killed at least 200 people, Palestinian health authorities said, as attacks on Tuesday ended a weeks-long standoff over extending a ceasefire that halted fighting in January, Reuters reported.

"Along with US strikes on the Houthis in Yemen, several factors provided support to the market," ING analysts said in a research note.

"China unveiled plans to revive consumption, while Chinese retail sales and fixed asset investment growth came in stronger than expected."

The state council, or cabinet, unveiled on Sunday a special action plan to boost domestic consumption, with measures such as increasing incomes and offering childcare subsidies.

Crude oil throughput in China, the world's biggest crude importer, rose 2.1% in January and February from a year earlier, supported by a new refinery and Lunar New Year holiday travel, official data showed on Monday.

The OECD said on Monday that Trump's tariffs would drag down growth in the United States, Canada and Mexico, and weigh on global energy demand.

"With global supply surging and tariffs and trade wars set to hit global demand, we remain of the view that prices will head lower and eventually reach the mid $60s," said Robert Rennie, head of commodity and carbon strategy at Westpac.

Further adding to global supply, Venezuela's state-run PDVSA has put together three operational scenarios indicating it plans to continue producing and exporting oil from its joint venture with Chevron after the US major's licence expires next month, according to a company document reviewed by Reuters on Monday.

Talks on Tuesday between Trump and Russian President Vladimir Putin about ending the Ukraine war were also in focus.

Markets believe a potential peace negotiation would involve the easing of sanctions on Russia and the return of its crude supply to global markets, weighing on prices.



Syria Meeting Focused on Need for Credible Economic Data, IMF Chief Says

International Monetary Fund (IMF) managing director Kristalina Georgieva, speaks during a Press Briefing on "International Monetary and Financial Committee (IMFC)" during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 25, 2025. (AFP)
International Monetary Fund (IMF) managing director Kristalina Georgieva, speaks during a Press Briefing on "International Monetary and Financial Committee (IMFC)" during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 25, 2025. (AFP)
TT

Syria Meeting Focused on Need for Credible Economic Data, IMF Chief Says

International Monetary Fund (IMF) managing director Kristalina Georgieva, speaks during a Press Briefing on "International Monetary and Financial Committee (IMFC)" during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 25, 2025. (AFP)
International Monetary Fund (IMF) managing director Kristalina Georgieva, speaks during a Press Briefing on "International Monetary and Financial Committee (IMFC)" during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 25, 2025. (AFP)

Officials from the International Monetary Fund, World Bank and key countries met with Syrian authorities this week on efforts to rebuild the war-torn country, emphasizing the need for credible data, IMF Managing Director Kristalina Georgieva said on Friday.

Georgieva said rebuilding Syria's central bank and expanding the country's capacity to generate revenue were other key issues addressed during the meeting that took place during the spring meetings of the IMF and World Bank.

Saudi Arabia's Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee, said he was grateful to the IMF and World Bank for stepping up support for Syria, noting others including Yemen, Palestine and Lebanon would also need help.