Oil prices rise amid Trump's threats to raise tariffs

Global oil prices rose on Tuesday morning, as markets assessed the release of economic growth data in China and monitored President Donald Trump's threats to raise import tariffs, Report informs referring to trading data.

The price of March Brent crude oil futures rose 0.22% from the previous close to $64.08 per barrel, while March WTI futures rose 0.12% to $59.41.

The day before, China's National Bureau of Statistics released data on the country's GDP. For the year, the figure increased by 5%, reaching 140.187 trillion yuan ($20 trillion). Industrial production data was also released. The output of large industrial enterprises in China increased by 5.9% for the year.

Trump announced on Saturday the imposition of a 10% tariff in February on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland. The tariff will subsequently increase to 25% and remain in effect until the United States concludes a Greenland Purchase Agreement.