Oil surged more than 1% on China demand optimism

International benchmarks for crude oil jumped more than 1% on Monday, 9 January 2023 following reports that China issued a huge quota for crude imports in 2023, in line with the reopening from three years of adherence to the Zero-Covid policy. A weaker US dollar also supports the hikes.

Brent crude was up $1.08, or 1.4%, settling at $79.65 per barrel. 

U.S. West Texas Intermediate crude rose 86 cents, or 1.2%, to settle at $74.63 per barrel.