Oil Prices Rise Amid Positive Sentiment

Oil prices advanced on Thursday, bolstered by positive sentiment reported Xinhua.

The West Texas Intermediate (WTI) for March delivery gained 86 cents, or 1.07%, to settle at US$81.01 a barrel on the New York Mercantile Exchange. Brent crude for March delivery added US$1.35, or 1.57%, to close at US$87.47 a barrel on the London ICE Futures Exchange.

The rally came as traders bet on rising energy demand in China.

Meanwhile, stronger-than-expected economic data from the United States provided additional support to oil markets.

The US Commerce Department reported Thursday that US gross domestic product increased at an annual rate of 2.9% in the fourth quarter of 2022, above consensus.

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