Oil market extended gain on bullish China demand outlook

International benchmarks for crude oil settled higher on Tuesday, 17 January 2023 as investors shrugged off weak China GDP data to focus on the comments from Vice-Premiere Liu He on the country’s plans to boost local consumption, import, and investment in 2023. The brewing bullish demand expectations boost trading sentiment in the energy complex.

Brent added $1.46 or 1.7% to close at $85.92/barrel.

WTI gains 32 cents from last week to close at $80.18/barrel.