Oil does not show uniform dynamics amid data from China

US, WASHINGTON (ORDO NEWS) —  Brent and WTI benchmark oil prices are moving in different directions on Friday after Chinese data pointed to China’s first quarterly GDP decline in three decades.

Earlier, oil rose in price amid optimism caused by the preliminary plans of US President Donald Trump to revive the American economy.

By 9:53 Moscow time, Brent crude oil rose 2.80% to $ 28.60 per barrel. May futures for the American WTI, which trades on April 21, fell 2.11% to $ 19.45 per barrel, while the more actively traded June contract rose 3.1% to $ 26.32 per barrel.

The Chinese economy contracted 6.8% in annual terms in the first quarter, official data showed. The reduction was recorded for the first time in three decades of calculating quarterly indicators.

In the meantime, Trump has introduced a phased quarantine plan introduced to contain the coronavirus, which killed 32,000 Americans.

“Oil markets have found basic support in President Trump’s plans to resume US activity,” said Stephen Innes of AxiTrader. However, bearish risks prevail, he said.

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