Global oil Prices continued its steady climb on Thursday as it continues to recover from the US’ imposition of exorbitant trade tariffs on its trade partners.
In Thursday morning’s trade Brent Crude oil was up by just under 1% to trade at $66.53 per barrel having started the day at $65.85. The US’ WTI Crude oil was also not left behind as it appreciated by 0.69% to trade at $63.26 having started the day at $62.47.
This climb in oil prices is coming after the U.S. to to imposed fresh sanctions aimed at curbing Iranian oil exports.
China’s Unexpected Q1 Growth
China who has been on the receiving end of the brunt of Donald Trump’s trade wars also witnessed an unlikely economic growth as the tariff’s effects begin to kick in.
China’s Q1 economic data released on Wednesday went against the prediction of a lot of economists who had projected a slump in the nation’s economy following Donald Trump’s imposition of over 145% tariff on the country.
Growth in China’s gross domestic product (GDP) hit 5.4% in the first quarter, according to the National Bureau of Statistics, a figure considerably higher than the expectations of more than 50 economists surveyed by Reuters, who had predicted expansion of only 5.1%.
Consumer spending and production also beat expectations, with retail sales rising by 5.9% in March compared with the same month last year, and factory output expanding by 7.7% last month compared with 5.9% in the January to February period.
This growth is attributed to increased consumption and industrial output in the country.
What Next?
The Chinese economy and the global economy is still not out of the blocks yet as the effects of Donald Trump’s trade wars is expected to be felt even harder than ever.
The hope of the global economy is that he scales back on it soon as failing to do so, the Global market would continue to operate in an environment of uncertainty.
