[ad_1]
Oil prices were mixed on Tuesday following China recording its weakest economic growth in about half a century, while reversal from its zero-COVID policy late last year kept hopes of recovery alive.
Brent crude futures were trading higher by 0.38% at $84.78, recouping some of the loss from the previous session. However, U.S. West Texas Intermediate (WTI) crude futures fell 0.48%, to $79.48, at the time of writing.
Read Next: How To Invest In Oil
The United States Brent Oil Fund BNO closed 1.74% higher on Friday while the Vanguard Energy Index Fund ETF VDE closed 0.18% higher.
China’s gross domestic product grew by 3% in 2022, missing the official target of “around 5.5%” and recording the second-worst performance since 1976, according to Reuters.
Despite the poor numbers, economic data still beat analysts’ prior forecasts as China’s rollback of its zero-COVID policy in December boosted consumption.
“Brent crude has gained nearly 10% over the past 10 days as optimism over China’s reopening boosted sentiment. However, the outlook for the rest of the global economy is uncertain,” analysts at ANZ Research wrote in a note.
They further said that investors are wary of upcoming sanctions on Russian oil products. “From 5 February, the European Union and G7 will attempt to cap the price of Russia’s fuel exports. It will have to replace about 600kb/d of diesel imports,” the analysts noted.
Read Next: Palantir CEO Expects To Hire Hundreds More — Says Only Disaster ‘We Did Not Predict’ Was…
[ad_2]
Image and article originally from www.benzinga.com. Read the original article here.