World oil prices grow

World oil prices rose on January 18 morning, as investors expect increased demand for crude from China, Report informs referring to the auction data.

The price of March futures for Brent crude rose by 0.83% to $86.64 per barrel, March futures for WTI grew by 0.92% to $81.21.

The attention of oil traders is still focused on one of the largest economies in the world - China, where the authorities recently eased coronavirus measures. The removal of some restrictions had a positive impact on the country’s economy and its prospects.

China’s economic recovery is “boosting confidence that we could see a strong recovery in Chinese oil demand this year,” Warren Patterson, head of commodities strategy at ING Groep NV, told Bloomberg.

“The market will likely be keeping an eye on any potential demand revisions in today’s IEA monthly report.”

The publication of the report of the International Energy Agency, which will include a number of forecasts regarding the oil market, is expected later on January 18.