Oil mixed amid weak China economic data, sustained hopes for 2023

Oil prices were mixed on Tuesday after China posted its weakest economic growth in nearly half a century, while its late-2022 U-turn in Covid policy still supported hopes of recovery in the country’s fuel demand this year. Brent crude futures had risen 16 cents, or 0.2 per cent, to $84.62 by 0414 GMT, recouping some of the 1pc loss of the previous session. US West Texas Intermediate (WTI) crude futures slid 60 cents, or 0.8pc, to $79.26 from Friday’s close. There was no settlement on Monday due to the United States having a holiday for Martin Luther King Day. “Brent crude has gained nearly 10pc over the past 10 days as optimism over China’s reopening boosted sentiment. However, the outlook for the rest of the global economy is uncertain,” ANZ commodity analysts said in a client note.