Oil prices climb amid geopolitical risks, Chinese economic data

ISLAMABAD: Crude oil prices climbed on Friday amid a rise in the geopolitical risk premium in the Middle East and signs of a strengthening Chinese economy. As of 1230 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.39 (+0.46 percent) to reach $84.27 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $0.45 (+0.57 percent) to $79.71 a barrel. On the other hand, the price of Arab Light increased by $1.25 (+1.45 percent) to reach $87.24 a barrel. Similarly, the price of Russian Sokol increased by $1.10 (+1.43 percent) to $78.12 a barrel. On the other hand, the price for Opec Basket remained unchanged at $83.60 a barrel. China, the top global crude importer, recorded a rise in exports and imports in April, a rebound from a contraction in the preceding month, indicating growing momentum in the world’s second-largest economy. Exports from China grew 1.5 percent on an annual basis last month after falling 7.5 percent in March, which marked the first contraction since November, according to customs data. The country’s imports surged by 8.4 percent in April, reversing a 1.9 percent decline seen in March. Meanwhile in the US, initial claims for unemployment benefits rose 22,000 to a seasonally adjusted 231,000 for the week that ended on May 4, the highest level since the end of last August, the Labour Department said on Thursday. The Federal Reserve closely monitors US jobs data as part of its assessment of the overall health of the economy. TLTP