WASHINGTON (dpa-AFX) - Oil prices rose around 1 percent on Wednesday as upbeat Chinese data helped offset worries over the impact of U.S. trade tariffs on the global economy and fuel demand growth.
Benchmark Brent crude futures were up 1.1 percent at $65.36 in early European trade while WTI crude futures climbed 0.9 percent to $61.86.
Offering some support to oil prices, official data showed today that China's economy grew more than expected in the first quarter despite trade tariff disputes.
GDP grew 5.4 percent year-on-year, the National Bureau of Statistics reported. This was better than economists' forecast of 5.1 percent and was unchanged from the previous quarter.
In March, retail sales moved up 5.9 percent from the previous year while economists had forecast sales to climb 4.2 percent. Industrial production advanced 7.7 percent from a year ago compared to forecast of 5.7 percent.
Fixed asset investment increased 4.2 percent in the January to March period while economists had forecast an expansion of 4.1 percent.
The International Energy Agency on Tuesday slashed its forecasts for oil demand this year by almost a third and predicted the oversupply will extend into 2026.
Earlier this week, OPEC also cut its forecast for global oil demand this year, citing Trump's tariffs on trading partners and their retaliatory moves.
The global oil market faces 'large surpluses' this year and next as the trade war weighs on crude demand growth and OPEC+ eases supply curbs, according to Goldman Sachs Group.
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