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Oil prices rise amid China demand hopes, U.S. inflation data

NEW YORK
2023-01-13 05:56

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NEW YORK, Jan. 12 (Xinhua) -- Oil prices climbed on Thursday, bringing the U.S. crude benchmark to notch a six-day winning streak, bolstered by positive sentiment.

The West Texas Intermediate for February delivery gained 98 cents, or 1.27 percent, to settle at 78.39 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery added 1.36 dollars, or 1.65 percent, to close at 84.03 dollars a barrel on the London ICE Futures Exchange.

Prices continued to garner support from improved demand prospects in China amid the country's efforts to optimize the epidemic response and reopen its economy.

Traders also digested December U.S. consumer prices data that pointed to signs of cooling in inflation.

The U.S. consumer price index fell 0.1 percent last month, in line with the consensus, for a 6.5 percent year-on-year increase, following a 7.1 percent year-on-year increase in November, the Labor Department reported on Thursday.
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