Crude Oil Rises Slightly on China Demand and Global Economic Outlook

Singapore, January 24 (QNA) – Crude oil prices rose slightly in early Asian trade on Tuesday in a market focused on prospects of demand recovery from top importer China and on the global economic outlook ahead of company earnings.

Brent crude LCOc1 had risen 5 cents to $88.24 per barrel , while US West Texas Intermediate (WTI) crude CLc1 rose 13 cents to $81.75 per barrel.

Crude oil prices in physical markets have started the year with a rally, as China, no longer held back by pandemic controls, has shown signs of more buying and as traders have worried that sanctions on Russia could tighten supply.

Investors have piled back into petroleum futures and options at the fastest rate for more than two years as concerns about a global business cycle downturn have eased.

This week traders are watching for more business data that could indicate the health of global economies during an earnings reporting season. (QNA)