Oil prices gain around 1% on optimism over China’s recovery
Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China’s strict COVID-19 curbs will lead to a fuel demand recovery in the world’s top oil importer.
Brent crude futures were up $1.12, or 1.30%, to $87.04 a barrel by 1352 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up $1.28, or 1.6%, to $81.46. Both were at their highest since early December.
China’s economic growth slowed sharply to 3% in 2022, missing the official target of “around 5.5%” and marking its second-worst performance since 1976.
But the data still beat analysts’ forecasts after China started rolling back its zero-COVID policy in early December. Analysts polled by Reuters see 2023 growth rebounding to 4.9%.
