Brent increases gains to 5-month high, on positive Chinese data

Brent crude oil prices continued to rise as the US market opened on Monday to continue its gains for the third day in a row, hitting a five-month high, on positive economic data in China, the world's largest oil importer.

By 13:17 GMT, Brent crude rose to $68.52, from the opening of $67.59, with the highest (since November 13th) at $68.71 and the lowest $67.59.

 Brent Crude futures contracts rose 0.5% on friday, the second daily gain in a row, supported by Opec cuts. as it rose 26% over the first quarter of this year, achieving the biggest quarterly gain since 2009.

Those strong gains was supported by OPEC's efforts to balance the market, with the US sanctions on Iran and Venezuela, and the US/China continued progress in trade talks.

In China, the manufacturing PMI grew by 50.8 points in March, higher than the estimates of 50.1 points, as the sector returned strongly to its growth path after a contraction in three consecutive months.

With the improvement of China's industrial activities, concerns about the weak growth path of the world's second-largest economy have faded, also, this improved economic prospects boost demand for oil, as China is now the world's largest oil importer.