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Brent crude oil futures were up 25 cents, or 0.4%, at $63.53 a
barrel by 0855 GMT while U.S. crude oil futures gained 14 cents,
or 0.2%, to $59.84 a barrel. Both contracts are on course for
their fifth session of sub-1% change.
China's exports grew at a robust pace in March in yet another
boost to the nation's economic recovery as global demand picks
up amid progress in worldwide COVID-19 vaccinations, while
import growth surged to the highest in four years.
Crude oil imports into China jumped 21% in March from a low base
of comparison a year earlier as refiners ramped up operations.
Also supporting prices, U.S. crude oil stockpiles were expected
to have fallen last week for a third straight week, while
distillate and gasoline inventories likely grew, a preliminary
Reuters poll showed on Monday.
Still, U.S. oil output from seven major shale formations is
expected to rise for a third straight month, the U.S. Energy
Information Administration said on Monday.
Yemen's Iran-aligned Houthi movement said on Monday it had fired
17 drones and two ballistic missiles at targets in Saudi Arabia,
including Saudi Aramco facilities in Jubail and Jeddah, though
there was no immediate confirmation from Saudi officials.
"The rise in geopolitical tension will only have a notable
bullish impact on oil prices if it is coupled with actual
physical supply disruption," PVM analysts said in a note.
The slow rate of vaccinations in Europe and anticipation of
additional supply of oil from Iran in the coming months capped
price gains.
(Additional reporting by Jessica Jaganathan in Singapore;
editing by Jason Neely)
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