WASHINGTON (dpa-AFX) - Crude oil futures settled higher on Tuesday on expectations of a jump in demand for fuel after data showed the Chinese economy saw better than expected growth last year.
West Texas Intermediate Crude oil futures for February ended higher by $0.32 or about 0.4% at $80.18 a barrel, the highest settlement since December 30, 2022.
Brent crude futures were up $2.34 or 2.76% at $86.80 a barrel a little while ago.
Official data showed that China's GDP grew an annual 2.9% in the fourth quarter, faster than the 1.8% increase economists had expected.
Nonetheless, this was weaker than the 3.9% expansion seen in the third quarter. In the whole year of 2022, GDP growth was 3%, missing government's target of around 5.5%.
Separate data showed that China's retail sales dropped only 1.8% annually in December, much better than economists' forecast of -8.6%.
Industrial production climbed 1.3% from last year, bigger than the 0.2% expected growth.
During January to December 2022, fixed asset investment advanced 5.1% from the last year, again better than the 5% expected expansion.
The Organization of the Petroleum Exporting Countries (OPEC) has left its forecast for global oil demand growth unchanged in its monthly report. The agency noted that the outlook 'remains surrounded by uncertainties including global economic developments, shifts in COVID-19 containment policies, and geopolitical tensions.'
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