Indications about the globe's two top economic systems gaining momentum pushed up the price of crude oil futures on Tuesday, Bloomberg reports.
One day after dropping roughly 1 percent in value and touching its lowest price in nearly one week, the energy commodity benefited from uplifting economic data coming from the U.S. and China. The U.S. hosts the world's biggest economy while China hosts the world's most quickly developing economic system. Thus far this year, the price of crude oil futures has gained more than 8 percent.
"Oil prices have been bolstered by better-than-expected leading indicators and ample liquidity," analyst Hannes Loacker with Raiffeisen Bank International in Vienna told the news service. "Chinese economic growth should be strong enough to prevent the oil price from falling too sharply."
At 12:22 p.m. on Tuesday, crude oil futures gained 1.08 percent, a $1.35 lift to $126.69 per barrel.
The U.S. and China are the globe's two largest consumers of the energy commodity, according to Reuters. February was a productive month for the commodity as it gained 10 percent of its value. China imported roughly 5.95 million barrels of oil per day in February, representing an 18.5 percent increase on the year.
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