Oil demand up in China

Prices for crude oil were up on Tuesday on demand, supply, and political issues.

New data showed that oil demand in China grew at its quickest rate in two years in April as estimated consumption was up 10.8 percent year-on-year following an increase in fuel prices that had been meant to encourage Chinese refiners to send more of their supplies to the domestic market. Other news affecting oil prices included the decision by the Organization of Oil Exporting Countries during a meeting in Venezuela to hold production by its members to its current level of 28 million barrels per day and a US push to convince Europe and Japan to institute financial sanctions against Iran to convince that nation to halt its uranium enrichment program.

The price for Brent crude July contracts was up 84 cents to $71.43 per barrel on the International Petroleum Exchange. Meanwhile, July delivery West Texas Intermediate crude was up 98 cents to $72.35 per barrel on the New York Mercantile Exchange.