Crude rises as market eyes rising China demand, weaker US manufacturing outlook

摘要

Crude oil futures settled higher Jan. 17 as the market weighed optimism surrounding Chinese demand growth against signs of a weakening US economy. NYMEX February WTI settled up 32 cents at $80.18/b, and ICE March Brent climbed $1.46 to $85.92/b. On Jan. 17, data from the National Bureau of Statistics showed China’s full-year GDP growth at 3%, with COVID-19 restrictions weighing heavily on the economy in the final quarter of 2022. While the figure beats market expectations, it falls far short of the “around 5.5%” growth target set by Beijing in March at the 2022 Two Sessions plenary meetings.