WASHINGTON (dpa-AFX) - Oil futures settled higher on Monday on hopes of improved demand from China after plans to boost consumer spending, and on possible supply disruptions due to the tensions in the Middle East.
West Texas Intermediate Crude oil futures for April closed higher by $0.40 or about 0.6% at $67.58 a barrel.
Brent crude futures settled at $71.07 a barrel, gaining $0.49 or 0.69%.
The U.S. vowed to keep attacking Yemen's Houthis until the Iran-aligned group ends its assaults on shipping.
The U.S. has launched a 'decisive and powerful' wave of air strikes on Houthi rebels in Yemen, citing the group's attacks on shipping in the Red Sea as the reason.
'Funded by Iran, the Houthi thugs have fired missiles at US aircraft, and targeted our Troops and Allies,' U.S. President Donald Trump said on social media, adding that their 'piracy, violence, and terrorism' had cost 'billions' and put lives at risk.
The Houthi-run health ministry said at least 31 people were killed and 101 others were injured in the strikes.
Trump said OPEC member Iran will be held responsible for any future attack by Houthis. 'Every shot fired by the Houthis will be looked upon, from this point forward, as being a shot fired from the weapons and leadership of IRAN,' Trump wrote in a post on social media platform Truth Social. 'IRAN will be held responsible, and suffer the consequences, and those consequences will be dire!'
China's announcement of a special action plan to revive consumption contributed as well to the rise in oil prices.
Xinhua reported authorities will provide details on policies to stabilize the stock and real estate markets, lift wages and boost the nation's birth rate.
Meanwhile, data showed industrial output in China grew nearly 6% in the first two months of the year from last year and retail sales rose by 4%. However, home prices and real estate investment data signaled continued weakness in the property market.
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