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Oil prices were mixed on Tuesday after China posted its weakest annual economic growth in nearly half a century, while a shift in its tough anti-COVID-19 policy in late 2022 raised hopes for a recovery in fuel demand in the world’s largest crude importer this year.
Brent crude futures rose seven cents, or 0.1%, to $84.52 by 0727 GMT, recouping some of its losses of 1% in the previous session.
US West Texas Intermediate crude futures fell 73 cents, or 0.9 percent, compared to the closing price on Friday, to $79.15. There was no closing price on Monday due to the US public holiday marking National Day commemorating the famous civil rights leader Martin Luther King.
China’s gross domestic product grew by 3 percent in 2022, far short of the official target of approximately 5.5 percent, to record the Asian giant’s second-worst performance since 1976, with fourth-quarter growth hit hard by strict anti-coronavirus restrictions and a slump in the real estate market.
On the other hand, the recovery of the dollar from its lowest levels in seven months put pressure on oil prices, as the rise in the dollar makes oil more expensive for those holding other currencies.
