ASX oil stocks lift further as global crude prices rise
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The news: Energy was the best performing sector on the ASX on Friday as signs of an improving Chinese economy and the ongoing conflict in the Middle East pushed global crude prices higher.
The numbers: Brent crude futures were up 48 US cents to USD84.36 ($127.68) a barrel by 2:15pm AEST. US West Texas Intermediate crude for June was up 53 US cents to USD79.80 per barrel.
In the local market, the energy sector was up 1.69%, with Beach Energy (4.2%), Karoon Energy (3.6%), Woodside Energy (1.9%) and Santos (1.6%) making significant gains.
The context: There were signs of improved demand in China, after the country's exports and imports returned to growth in April, Reuters reported.
Meanwhile, unresolved negotiations between Israel and Hamas, and the Israeli bombardment of the Gaza city of Rafah on Thursday, kept oil prices higher.
The source: Reuters
