WASHINGTON (dpa-AFX) - Crude oil prices rose sharply on Friday amid optimism energy demand from China will see a significant increase in the near to medium term.
Hopes of less aggressive rate hikes in the United States after data showed consumer price inflation in the nation dropped in the month of December.
West Texas Intermediate crude oil futures for February ended higher by $1.47 or about 1.9% at $79.86 a barrel.
WTI crude futures gained more than 8% in the week.
Brent crude futures were up $1.30 or 1.54% at $85.33 a barrel a little while ago.
China today reported better-than-expected trade figures, and the U.K. economy unexpectedly grew in November. The German economy avoided contracting in the final quarter of the year, boosting the global demand outlook.
China today said the country's total trade of goods rose to an all-time high in 2022, reaching 42.07 trillion yuan, up 77% from 2021.
Data from the Labor Department on Thursday showed U.S. consumer inflation edged down by 0.1% in December after inching up by 0.1% in November.
The annual rate of consumer price growth slowed to 6.5% from 7.1% in November, marking the smallest increase since October 2021.
A report from the University of Michigan this morning showed a continued decrease in one-year inflation expectations, which tumbled to 4% in January from 4.4% in December, falling for the fourth straight month.
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