Oil steadied on Tuesday with support from data showing China’s economy grew faster than expected and Middle East tensions but weighed by concern that U.S. interest rates may stay higher for longer and reduce demand.
Official data from China showed gross domestic product in the world’s biggest oil importer grew 5.3% in the first quarter, year on year, comfortably beating analysts’ expectations.
Brent futures for June delivery rose 7 cents, or 0.1%, to $90.17 a barrel by 0801 GMT. U.S. crude for May was up 6 cents, or 0.1%, to $85.47.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.