Oil prices were higher today trading up to 5 month highs. Expectations of economic growth in the US and China have been a catalyst. In China, manufacturing activity in March expanded for the first time in six months, according to an official factory survey. “Chinese oil demand is arguably the one missing factor outside of geopolitical headlines capable of taking oil prices to the next level,” Bob Yawger, director of energy futures at Mizuho, said in a note. “Strong summer gasoline demand and a rebound in China oil demand could be the one-two punch that support $100 a barrel,” Yawger added. However, The U.S. diesel crack spread, which measures refining profit margins, narrowed to its lowest since May 2023 for a second day. WTI traded up $.54 or .7% to close at $83.71. Brent traded up $.42 or .5% to close at $87.42.