Oil closes higher on positive economic data from China

Oil drilling rigs

Oil prices closed higher today, April 18, after latest data pointed to economic recovery in China, which may support the growth in demand for crude.

Data showed China's GDP grew 4.5% in the first quarter on an annual basis, exceeding expectations for a 4% growth. Retail sales rose 10.6% in March.

Chinese oil refineries’ production rose to a record level to 63.29 million tons of crude in March, up 8.8% year-on-year.

Meanwhile, JP Morgan expects Brent crude to rise by 9.4% from current levels to $94 a barrel in the fourth quarter of this year, amid expectations that the Federal Reserve will stop raising interest rates.

The American Petroleum Institute report on oil inventories is expected to be released later today, and the US Energy Information Administration is scheduled to release official data for inventories on April 19.

Brent crude futures for June delivery rose by 1 cent to close at $84.77 a barrel.

WTI crude for May delivery added 0.04%, or 3 cents, to record $80.86 per barrel.