08:53 AM EDT, 03/18/2024 (MT Newswires) -- Oil prices rose early on Monday as Ukraine stepped up attacks on Russian refineries while China reported better than expected economic data.

West Texas Intermediate crude for April delivery was last seen up US$0.34 to US$81.38 per barrel, while May Brent crude, the global benchmark, was up US$0.32 to US$85.66 per barrel.

Ukraine on the weekend launched the latest of a series of drone attacks on Russia's refinery infrastructure, cutting 7% of the country's refining capacity, according to a Reuters report, while keeping geopolitical risk elevated as violence in the Middle East continues.

Along with the attacks, China reported better than expected retail-sales and industrial-output data even as the country's real-estate sector grapples with a debt crisis. The data raised expectations demand from the No.1 importer will remain firm.

"Crude oil trades higher, building on last week's gains after the IEA raised its global oil demand forecast and with added support today from stronger than expected China data and another round of Ukraine drone attacks on Russian energy plants underpinning diesel prices," Saxo Bank noted.