Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China's strict COVID-19 curbs will lead to a fuel demand recovery in the world's top oil importer.
Brent crude futures were up $1.21, or 1.41%, to $87.13 a barrel by 0942 GMT, while U.S. West Texas Intermediate crude futures were up $1.36, or 1.7%, to $81.54. Both were at their highest since early December.
The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency The IEA report followed expectations from the Organization of the Petroleum Exporting Countries that Chinese oil demand Further support came from expectations of a drawdown in U.S. crude stocks by around 1.8 million barrels in the week to Jan. 13, according to a Reuters poll.
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