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Brent oil hit a 2019 high above $72 a barrel on Wednesday, propelled by steady economic growth in China and a fall in US crude stocks which defied expectations and signalled firm demand, while global supply remained tight. International benchmark Brent crude futures were up 20 cents, or 0.28 per cent, at $71.92 by 1320 GMT, having hit an intraday peak of $72.27.
US West Texas Intermediate (WTI) crude futures were at $64.39 per barrel, up 34 cents or 0.53 per cent and just shy of a 2019 high of $64.79 hit last week. China's economy grew by 6.4 per cent in the first quarter, official data showed, defying expectations for a further slowdown and assuaging global markets as a US-China trade deal also appears near. Refinery throughput in China - the world's second-largest crude user - rose 3.2 per cent in March from a year earlier.
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