Oil rises over 1% after release of economic data

Oil drilling rigs

Oil prices rose, on Jan. 26, driven by the announcement of significant economic data and continued optimism about demand recovery in China.

The US’ GDP rose 2.9% in Q4 2022, beating forecasts of 2.8%.

OPEC+ will hold a meeting on Feb. 1, amid expectation of keeping the output unchanged.

Brent futures for March delivery traded 1.5%, or $1.35 higher at $87.47 a barrel.

West Texas Intermediate (WTI) crude for March delivery advanced 1.1%, or 86 cents, to reach $81.01 a barrel.