London — Signs of a stabilisation in China’s giant economy and a soggy dollar helped oil markets cement their best run for more than three years on Friday, though stocks weren’t buoyed much after spending most of the week treading water.China’s data showing exports rebounded nicely last month helped offset weaker imports and reports in Europe of another cut to Germany’s growth forecasts, while Turkey’s lira was back on the ropes amid worries about its trajectory.
“The Chinese data was a little mixed but the money supply numbers were a positive impulse overall,” said TD Securities senior global strategist James Rossiter. “We expect oil prices to eventually move higher in quarter two as Opec+ potentially runs the risk of over-tightening the market by maintaining its current course of action,” Harry Tchilinguirian, strategist at BNP Paribas, told the Reuters Global Oil forum.Despite a subdued Asia session, Chinese blue chips managed to recover and close flat after Beijing’s data blitz, while higher Chinese iron ore prices helped push Australia up 0.85%, and Japan’s Nikkei gained too.
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