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Oil prices rise as consumption expected to soar in China
Energy
- 19 December, 2022
- 06:23
World oil prices rose by about 1% on Monday morning, as markets are assessing the prospects for expanding the oil consumption in China, Report informs.
The price of February futures for Brent crude rose by 0.86% to $79.71 per barrel, and February futures for WTI went up by 0.91% to $75.15.
Markets are assessing the likelihood of higher oil demand after news that top Chinese officials, including President Xi Jinping, said at a meeting to set economic policy priorities for 2023 that the recovery and expansion of consumption should "become a priority."
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