Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that the lifting of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer.
Brent crude futures firmed 63 cents, or 0.73%, to $86.55 a barrel by 0401 GMT, following a 1.7% rally in the previous session.
China's economic growth slowed sharply to 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. But the data still "OPEC's optimistic outlook on China's demand also supported the market sentiment," he said, predicting a bullish tone for this week.
to a record 9.38 million bpd in February, the U.S. Energy Information Administration said in a productivity report on Tuesday.
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