Oil rises after OPEC report, WTI crude above $80

Oil drilling rigs

Oil prices rose today, Jan. 17, amid continued optimism about demand for crude from China.

Official data showed that China's economy grew by 3% last year, exceeding expectations of 2.8%, but still below the official target of 5.5%.

The Organization of the Petroleum Exporting Countries (OPEC) kept its forecast for global oil demand growth this year unchanged at 2.2 million barrels per day, but warned of uncertainty.

The organization expects that oil demand from China would recover during 2023, after a decline last year.

Brent crude futures for March delivery rose 0.7%, or 64 cents, to settle at $85.92 a barrel.

WTI crude for February delivery increased by 0.4%, or 32 cents, to $80.18 a barrel.