Oil prices rise as consumption expected to soar in China

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."