Oil rises on China demand hopes

Oil rose almost 1% on Wednesday, after hitting a three-month low in the previous session, as Chinese economic data bolstered hopes for a demand recovery and concern in the wider markets eased of a fresh financial crisis.

China’s economic activity picked up in the first two months of 2023, figures showed on Wednesday, as consumption and infrastructure investment drove recovery, following the end of strict COVID-19 containment measures.

“Oil prices are regaining ground this morning as traders cheer a flurry of positive macro data out of China,” said Stephen Brennock of oil broker PVM.

Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.

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