Oil Prices Rise on Strong China Data, Greenland Tariff Threats Loom

• Oil prices increased on Tuesday, driven by better-than-expected economic growth data from China, boosting demand optimism.
• Brent futures climbed 19 cents to $64.13 a barrel, while US WTI crude contracts also saw gains.
• China's economy grew 5.0% last year, meeting its target, with refinery throughput and crude oil output reaching all-time highs.
• President Trump's threats of increased US tariffs on European nations over his desire to buy Greenland added to market uncertainty.
• A weaker US dollar, influenced by Trump's tariff threats, made dollar-denominated oil cheaper, further supporting prices.

Why It Matters: Strong Chinese economic data and a weaker dollar lifted oil prices, despite looming US tariff threats over Greenland.