Oil prices rise amid hopes of higher demand in China
Dec 20, 2022
New York [US], December 20: Oil prices climbed on Monday, bolstered by hopes of higher energy demand in China.
The West Texas Intermediate (WTI) for January delivery added 90 cents, or 1.2 percent, to settle at 75.19 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 76 cents, or 1 percent, to close at 79.8 dollars a barrel on the London ICE Futures Exchange.
Prices garnered support from expectations of a solid demand recovery in China.
Meanwhile, fears that major central banks' policy tightening would induce a global recession weighed on the market.
For the week ending Friday, the WTI advanced 4.6 percent, while Brent gained 3.9 percent, based on the front-month contracts.
Source: Xinhua
