World oil prices rose this evening, boosted by positive Chinese trade data and an upbeat energy demand outlook from the International Energy Agency.
US crude jumped as high as $76.30 a barrel. It later stood at $75.61, up $1.23 from Wednesday's closing level. Brent North Sea crude added 86 cents to $75.13.
China said earlier that its trade surplus soared in May on strong foreign demand, helping to could ease concerns of a slowdown in the world's third-largest economy.
The IEA said in its latest monthly report that global oil demand was firming and that Chinese demand would be crucial.
The energy watchdog said that global oil demand was rising on surprisingly resilient growth in advanced countries but warned that uncertainties abounded and China was pivotal.
Two key factors that could upset estimates for the price of oil are strains over government debt in advanced countries and the pace of growth in China where a 'much-dreaded' slowdown has yet to materialise, the IEA said.
In addition, the effects of the BP oil-spill disaster in the Gulf of Mexico might curb exploration and production slightly in the medium term, the IEA said.
The IEA revised up its estimate of global demand by 60,000 barrels per day to 86.4 million barrels per day this year, saying initial data on economic activity in advanced countries was stronger than expected.
