The Organization of the Petroleum Exporting Countries (OPEC) expressed its confidence in the recovery of demand from China this year.
This follows the withdrawal of Covid-19 restrictions since early December, which is seen to drive better prospects.
However, OPEC still maintained its forecast that world demand will increase by 2.22 million barrels per day or 2.2% in 2023, according to its latest monthly report.
Even so, if the economy is stronger, it could prompt a higher demand revision and support oil prices.
The group voiced its optimistic view of the world economic outlook this year although it still expects a relative slowdown from 2022.
OPEC projects Chinese demand to rise by 510,000 barrels a day in 2023, following its first contraction last year due to Covid-19 restrictions.
According to OPEC's report, it raised its estimate of 2022 world economic growth to 3% following the expansion in the United States and the European Zone has exceeded the previous target. For 2023, the projection remains stable at 2.5%.
Following these optimistic expectations, crude oil traded higher on Wednesday, seeing Brent futures positive at $86 a barrel, while US WTI was at $81 a barrel.
