January 27, 2023: Oil prices rose on Thursday, with the West Texas Intermediate (WTI) for March delivery gaining 86 cents, or 1.07%, to settle at 81.01 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude for March delivery added 1.35 dollars, or 1.57%, to close at 87.47 dollars a barrel on the London ICE Futures Exchange.
The rally in oil prices was driven by positive sentiment in the market as traders bet on rising energy demand in China and stronger-than-expected economic data from the United States.
The positive economic data from the U.S. provided additional support to oil markets and helped to boost investor confidence.
Strong demand in China and the positive economic outlook in the U.S. are expected to continue to support oil prices in the coming weeks.