WTI crude oil futures rose to around $70.3 per barrel on Monday, buoyed by strong manufacturing data from China, the world's largest crude importer, as well as lingering U.S.-Ukraine tensions that could sustain supply disruptions.
Data released on Saturday showed that China's manufacturing activity rose to a three-month high in February, fueling optimism about increased fuel demand.
Additionally, the recent clash between Ukrainian President Volodymyr Zelenskyy and U.S. President Donald Trump added uncertainty on the prospects of a Russia-Ukraine peace deal.
This raises the likelihood that sanctions on Russia's oil sector will remain in place, further straining global supply.
However, the U.S. is set to impose new tariffs on Mexican, Canadian, and Chinese goods starting Tuesday, heightening fears of a global trade war that could weaken economic growth and reduce energy demand.
Source: Trading Economics
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