Oil prices tick up on US attack on Houthis, China economic hopes
Oil prices edged higher on Monday after the United States vowed to keep attacking Yemen's Houthis until the Iran-aligned group ends its assaults on shipping while Chinese economic data fuelled hopes for higher demand.
U.S. President Donald Trump launched military strikes against the Houthis on Saturday over the group's attacks against Red Sea shipping. One U.S. official told Reuters the campaign might continue for weeks.
Brent futures rose 28 cents, or 0.4%, to $70.85 a barrel by 11:25 a.m. ET (15:25 GMT) while U.S. West Texas Intermediate crude futures gained 22 cents, or 0.3%, to $67.39.
The Red Sea port city of Hodeidah and the Al Jawf governorate north of the capital Sanaa were targeted on Monday, the Houthis' Al Masirah TV said.
Chinese economic data also supported prices. Retail sales growth quickened over January-February in a welcome sign for policymakers seeking to boost domestic consumption, though unemployment rose and factory output eased.
China's crude oil throughput in January and February rose 2.1% versus a year earlier, official data showed on Monday, supported by a new refinery and holiday travel, but weak refining margins persisted.
Source: Reuters