China demand sends crude oil higher

Crude oil prices were higher on Tuesday ahead of Wednesday’s release of the most recent US inventories report, which is expected to show that gasoline stockpiles declined again last week. In addition, new data showed that demand is growing in China, where imports were up by 8.9 percent in March compared to the same time last year. Oil imports into China were at 3.26 million barrels per day during the month.

Brent crude for May delivery added 58 cents to $67.17 per barrel on the Intercontinental Exchange in London, while at midday in the US May contracts for West Texas Intermediate crude added 44 cents to $61.95 per barrel after having gone as high as $62.25 per barrel earlier in the session. Nymex gasoline was 2 cents higher to $2.09 per gallon, while Nymex heating oil gained 4 cents to $1.85 per gallon. Natural gas futures were up as well, by 29 cents to $7.84 per million British thermal units.