Oil grows slightly after claims of rising demand in China

Global oil prices rose slightly on December 20 morning, as markets are assessing the prospects for growth in demand for this crude in China, Report informs referring to the auction data.

The price of February futures for Brent crude rose by 0.18% to $79.94 per barrel, and February futures for WTI grew by 0.37% to $75.66.

Oil prices are rising slightly as markets weigh in on statements from China’s top government officials that rebuilding and expanding oil consumption should ‘become a priority’ in 2023.

Also, all financial markets, including futures, are affected by the monetary policy of the world’s major regulators. So, earlier on December 20, the Central Bank of Japan left the discount rate at a negative level - minus 0.1%, while expanding the range of target yields on government bonds. In China itself, the central bank also kept the prime loan rate at 3.65%.