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 $1.21, or 1.41%, to $87.13 a barrel by 0942 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up $1.36, or 1.7%, to $81.54. 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.
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