This is the reaction of the oil market following China's economic data

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 Crude oil traded mixed in reaction to China's economic growth data published in the Asian session.


China's gross domestic product (GDP) grew 3% in 2022, far short of the government's official projection for growth of around 5.5%.


The figure was also the second-worst growth recorded since 1976, when the final quarter remained hampered by Covid restrictions and a slump in the property market.



Even so, the better-than-expected expansion in the fourth quarter is seen to give some hope for a positive recovery in China's economy in 2023.


Heading into the European session market, Brent crude traded slightly higher at around $84 a barrel while US WTI futures were down at $79 a barrel.


In addition, data on Tuesday also showed China's oil refining output in 2022 had fallen 3.4% from the previous year, the first decline since 2001.

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