Oil prices surge over 1% on China demand hopes, US inflation in focus
LONDON (Reuters) -Oil rose more than 1% on Thursday supported by optimism over China’s demand outlook and hopes that upcoming inflation data from the United States will point to a slower increase in interest rates.
Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023.
Brent crude rose $1.18, or 1.4%, to $83.85 a barrel by 1250 GMT, while U.S. West Texas Intermediate crude gained $1.15, or 1.5%, to $78.56.
Both benchmarks jumped 3% on Wednesday driven by hopes that the outlook for the global economy may not be quite as pessimistic as has been feared.
