WASHINGTON (dpa-AFX) - Crude oil futures settled notably higher on Monday as prices climbed, recovering well after early weakness.
Oil prices fell earlier in the day after China set a modest annual growth target of around 0.5% for 2023, citing global slowdown. This was down from last year's target of 5.5%, and came in at the lower end of expectations.
The Chinese economy grew only 3% in 2022, marking the weakest expansion in decades.
Oil prices were also weighed down by reports reports suggesting that Poland's PKN Orlen will demand compensation after Russia halted oil deliveries to Poland via the Druzhba pipeline in late February.
West Texas International Crude oil futures for April settled with a gain of $0.78 or about 1% at $80.46 a barrel, coming off an early low of $78.32 a barrel.
Brent crude futures were up $0.45 or 0.52% at $86.28 a barrel a little while ago.
Oil futures rose as Saudi Arabia signalled it sees oil demand picking up in Asia and Europe by raising most prices for crude shipments to the regions.
State-controlled Saudi Aramco increased most official selling prices for Asia in April. The company's main Arab Light grade was lifted to $2.50 a barrel above the regional benchmark, 50 cents more than the level for March.
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