Oil futures climbed on Monday, scoring a three-session gain of nearly 3%, as downbeat economic data from China spurred expectations that the country will implement stimulus measures that could help boost demand for crude.

Crude for delivery in May rose 27 cents, or 0.5%, to settle at $51.91 a barrel on the New York Mercantile Exchange. Prices had tallied a roughly 2.4% gain over the past two trading sessions. May Brent crude on London’s ICE Futures exchange rose 6 cents, or 0.1%, to end at $57.93 a barrel.

Oil prices had fallen early Monday after customs data showed Chinese exports slid 15% from a year earlier in March, while imports dropped 12.7%. Signs of sluggish demand at home and abroad in the world’s second largest economy are bearish for oil. But the “slumbering notion of ‘bad is good’ is awakened once more” by dire data out of China, “prompting hopes of stimulus measures from the world’s largest energy consumer,” said Matt Smith commodity analyst at Schneider Electric. The “under whelming” import and export data from China is also combining with “further skepticism of an Iranian nuclear deal — and the subsequent return of Iranian oil to the global market — to encourage crude higher,” said Smith, in a note.

In a recent interview with Reuters, Fatih Birol, chief economist and future head of the International Energy Agency, said world oil markets won’t see a significant rise in Iranian oil supplies for up to five years, even if the country scores a final nuclear deal with world powers by the end of June. 

Overall, traders appear optimistic on the outlook for oil prices. “Very high investor interest is currently favoring oil prices,” wrote Commerzbank commodity analysts on Monday. They noted that speculative net long positions in West Texas Intermediate, the U.S. benchmark, climbed by 41,000 to 216,400 contracts in the week to April 7, the “steepest weekly rise in four years.” But analysts at Commerzbank also said they believe optimism among oil investors is “exaggerated” and that “this has given rise to considerable correction potential which could lead at any time to a sharp fall in prices.”

Looking ahead to the week, monthly oil market reports are due from the International Energy Agency on Wednesday and the Organization of the Petroleum Exporting Countries on Thursday.