LONDON—Oil rose about 1 percent on Thursday supported by optimism over China’s demand outlook and hopes that upcoming inflation data from the United States will point to a slower increase in interest rates.
Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023.
Brent crude rose 91 cents, or 1.1 percent, to $83.58 a barrel by 1100 GMT, while U.S. West Texas Intermediate crude gained 74 cents, or 1 percent, to $78.15. Both benchmarks jumped 3 percent on Wednesday driven by hopes that the outlook for the global economy may not be quite as pessimistic as has been feared….