© Archyde.com. Crane for pumping crude oil in Texas, USA. Photo from Archyde.com archive.
(Archyde.com) – They rose on Tuesday in volatile trading following China reported weaker-than-expected annual economic growth and amid hopes that the recent easing of COVID-19 restrictions will boost fuel demand.
Crude futures settled at a high of $1.46, or 1.7 percent, at 85.92 a barrel, while West Texas Intermediate crude futures rose 32 cents, or 0.4 percent, to reach $80.18 at the settlement.
China’s gross domestic product grew by 3 percent in 2022, far short of the official target of nearly 5.5 percent, marking the Asian giant’s second-worst performance since 1976.
But the data was still higher than analysts’ expectations following Beijing abandoned its zero-Covid policy in December.
Data on Tuesday revealed that Chinese oil refinery production in 2022 fell 3.4 percent year-on-year, the first annual drop since 2001, although daily oil production in December rose to the second-highest level in 2022.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin)
