REUTERS
Oil prices rose in global trading on Tuesday, with Brent have risen in price by $0.03 to $58.56 a barrel, amid higher consumer price inflation in China - one of the largest consumers of oil, Reuters has reported.
However, experts believe that the growth in oil prices will be short-lived.
Futures for WTI rose by $0.12 to $50.12. But only last week, Brent fell by 4.6%, the biggest drop since early January.
Consumer price inflation in China in February was 1.4 percent with the price growth forecast at 0.9%.
"The consumer price index figure is mildly positive for oil prices", said Ric Spooner, Chief Market Analyst at CMC Markets in Sydney.
“It means that demand in China was "a little bit better than expected," Spooner added.
Investors are now waiting for weekly U.S. inventory reports from U.S. Department of Energy's Energy Information Administration.
The firmness of the dollar, which rose to a new 11.5 year top on Tuesday against a basket of currencies, continues to constrain oil price growth, experts say.