18 January 2023

Oil Extend Gains, Supported By Optimism About Recovery of China's Fuel Demand

International and Arabic
  • Oil_Price

Singapore, January 18 (QNA) - Oil prices recorded an increase in early trading on Wednesday, continuing the gains from the previous session, driven by optimism that the easing of strict restrictions related to COVID-19 in China will lead to a recovery in fuel demand in the largest oil importer in the world.

Brent crude rose 52 cents, or 0.6 percent, to $86.44 a barrel, and US West Texas Intermediate crude rose 55 cents, or 0.7 percent, to $80.73 a barrel.

China's gross domestic product grew by 3 percent in 2022, far short of the official target of roughly 5.5 percent, its second-worst performance since 1976. (QNA)


Economy, International
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