{"id":3156,"date":"2023-01-17T15:09:51","date_gmt":"2023-01-17T15:09:51","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3156"},"modified":"2023-01-17T15:09:53","modified_gmt":"2023-01-17T15:09:53","slug":"oil-prices-hit-two-week-highs-on-hopes-of-china-demand-rebound","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3156\/","title":{"rendered":"Oil prices hit two-week highs on hopes of China demand rebound"},"content":{"rendered":"
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Oil prices rose to their highest in two weeks on Tuesday after China posted weak but expectation-beating annual\u00a0economic growth\u00a0data and on hopes that a recent shift in its COVID-19 policy will boost fuel demand.<\/p>\n\n\n\n

Brent crude futures rose $1.59, or 1.9%, to $86.05 a barrel by 1414 GMT.<\/p>\n\n\n\n

U.S. West Texas Intermediate (WTI) crude was up 88 cents, or 1.1%, at $80.74. There was no settlement on Monday because of a U.S. public holiday for Martin Luther King Day.<\/p>\n\n\n\n

China’s gross domestic product expanded 3% in 2022, missing the official target of “around 5.5%” and marking the second-worst performance since 1976.<\/p>\n\n\n\n

But the data still beat analysts’ forecasts after Beijing’s rolling back of its zero-COVID policy in December.<\/p>\n\n\n\n

“A shallower economic hit in China from the COVID transition … has driven the latest rebound in crude prices,” said OANDA market analyst Craig Erlam.<\/p>\n\n\n\n

Data released on Tuesday\u00a0showed China’s oil refinery output in 2022 had fallen 3.4% from a year earlier for its first annual decline since 2001, though daily December oil throughput rose to the second-highest level of 2022.<\/p>\n\n\n\n

“The country\u2019s crude oil imports were up 4% in December and a considerable demand boost for transportation fuel … is anticipated when the Lunar New Year begins on Sunday,” said PVM analyst Tamas Varga.<\/p>\n\n\n\n

The Organization of the Petroleum Exporting Countries (OPEC) said\u00a0in a monthly reportChinese oil demand would grow 510,000 barrels per day this year, while it kept its 2023 global demand growth forecast unchanged at 2.22 million bpd.<\/p>\n\n\n\n

A monthly report from the International Energy Agency (IEA) on Wednesday will shed more light on the strength of oil demand while recession fears loom.<\/p>\n\n\n\n

In a survey released at the annual World Economic Forum in Davos, two thirds of private and public sector economists polled expected a\u00a0global recession\u00a0this year.<\/p>\n\n\n\n

A survey of chief executives’ views by PwC was the gloomiest since the poll was launched a decade ago.<\/p>\n

Updated on