Oil prices rose on Monday after positive Chinese data showed increasing demand last month.

Official data showed China’s crude oil imports rose 5% last month y/y to 51.41 million tons, equivalent to 12.1 million bpd, the highest since August 2023.

In comparison, China imported 10.38 million bpd on average in the first two months of the year, with the increase in imports last month boosted by Iranian, Russian imports.

OPEC reduced its outlook for global oil demand growth this year to 1.3 million bpd from 1.45 million bpd, and next year to 1.28 million bpd from 1.43 million bpd.

On trading, Brent June futures rose 0.2%, or 12 cents to $64.88 a barrel.

US crude futures due in May added 3 cents to $61.53 a barrel.

Most cryptocurrencies rose on Monday as the risk appetite improved in the markets following new remarks by US President Donald Trump.

Concerns about the trade war receded after Trump exempted some tech imports from reciprocal tariffs.

In yet another escalation to the devastating US-China trade war, Beijing raised tariffs on all US goods from 84% to 125%.

It’s in response to US President Donald Trump’s 145% tariffs on US goods, which were confirmed yesterday.

The latest escalation comes after a long series of reciprocal measures between both sides starting January 2018, when the US imposed tariffs on Chinese goods and accused China of unfair trade practices. 

China asserted it will “fight till the end” and warned Trump that any escalation will be faced with similar responses.

China said it won’t respond to any more tariff hikes from the US as it would be meaningless after this point, with American products already losing their viability in the Chinese market.

The corporate earnings season officially started for the first quarter of the year, starting with banking results.

Ethereum

On trading, ethereum rose 1.9% on Coinmarketcap as of 20:12 GMT to $1635.

US stock indices rose on Monday as concerns about the trade war receded after President Donald Trump exempted some tech imports from reciprocal tariffs.

The corporate earnings season officially started for the first quarter of the year, starting with banking results.

On trading, Dow Jones rose 1.3% as of 14:51 GMT, or 534 points to 40,749 points, while S&P 500 rallied 1.7%, or 90 points to 5454 points, as NASDAQ gave up 1.9%, or 322 points to 17,046 points.

Bitcoin gained ground on Monday and resumed its gains near two-week highs, thus readying to surpass the $85,000 barrier on positive sentiment following new purchases by major corporations. 

Japan’s MetaPlanet raised its bitcoin holdings to a new record high, boosting institutional confidence in bitcoin and underpinning the crypto market.

The Price

Bitcoin rose 2.1% today at Bitstamp to $85,496, with a session-low at $83,680.

On Sunday, bitcoin lost 1.8%, the first loss in three days on profit-taking away from a two-week high at $86,084.

Bitcoin surged 7% last week, the first weekly profit in three weeks on short-covering.

Crypto Market Value 

The market value of cryptocurrencies rose $55 billion on Monday to a total of $2792 trillion.

MetaPlanet 

Japan’s MetaPlanet acquired 319 additional bitcoin units in April, worth about $26.33 million.

Thus total bitcoin holdings for the company are now up to a record 4525 units, worth $377.64 million, averaging $83,456 per unit.

It’s a similar strategy to US company Microstrategy, which continued to expand its bitcoin holdings in recent months as well.

US Rates

Recent US data showed inflation slowed down more than expected in March, reducing the pressure on Fed’s policymakers.

Following the data, the odds of a Fed 0.25% rate cut in May rose from 15% to 25%, while the odds of such a cut in June rallied to 85%.

Now traders await a batch of remarks by several Fed officials today, including Deputy Chair Christopher Waller to gather more clues.