Oil market extended gains on a weaker US dollar, stronger demand outlook

International benchmarks for crude oil gained more than $1/barrel on Friday, 13 January 2023 after the US dollar fell to seven-month lows on speculations that the FED would be less hawkish in lifting interest rates. Meanwhile, investors continue to bet on a bullish demand outlook in China – the world’s largest oil importer after the country lifted import quotas for 2023.

Brent jumped $1.25 or 1.5% to close at $85.28/barrel. 

WTI rose for the seventh day in a row, adding $1.47 or 1.9% to close at $79.86/barrel.