Oil mixed amid weak China economic data, sustained hopes for 2023
MELBOURNE (Reuters) – Oil prices were mixed on Tuesday after China posted its second-weakest annual economic growth in nearly half a century, with its late-2022 U-turn in COVID-19 policy underpinning hopes of a recovery in the country’s fuel demand this year.
Brent crude futures edged up by 7 cents, or 0.1%, to $84.52 by 0727 GMT, recouping some of the 1% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures slid 73 cents, or 0.9%, to $79.15 from Friday’s close. There was no settlement on Monday because of the U.S. public holiday for Martin Luther King Day.
