Oil jumps 3% amid improved demand outlook; Brent closes above $80

Oil drilling rigs

Oil closed positive today, Dec. 13, after US inflation slowed and as China continued to ease pandemic-related restrictions.

International benchmark Brent crude rose 3.4%, or $2.69, to settle at $80.68 a barrel. US WTI crude increased 3%, or $2.22, to reach $75.39 a barrel.

The rise came after data showed that the US consumer price index rose less than expected during last November, which supports expectations about the Federal Reserve slowing down the rate hike.

Sentiment regarding demand for crude also improved after statements by the Chinese ambassador to the United States indicating that his country will continue to reduce restrictions aimed at preventing the spread of the epidemic, Bloomberg reported.

OPEC kept its forecast for global oil demand in the current and next years unchanged, with crude production by member states falling by about 744,000 barrels per day in November.