Oil dips, but hovers near 2023 highs on China demand optimism

Oil prices dipped in early Asian trade on Monday, but held close to the highest levels since the start of the year on optimism that China's reopening will lift fuel demand at the world's top crude importer, News.Az reports citing Reuters. 

Brent crude fell 36 cents, or 0.4%, to $84.92 a barrel by 0116 GMT while U.S. West Texas Intermediate crude was at $79.65 a barrel, down 21 cents, or 0.3%, amid thin trade during a U.S. public holiday.

Both contracts rose more than 8% last week, the biggest weekly gain since October, after China's crude imports rose 4% year-on-year in December while Lunar New Year travel brightens the outlook for transportation fuels.


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