Oil prices rise amid hopes for higher China demand

NEW YORK, Jan. 17 (Xinhua) -- Oil prices rose on Tuesday, driven by expectations of a solid demand recovery in China.

A sign shows the price for a gallon of regular gas at a station in Chevy Chase, Maryland on January 12, 2023. (File photo: AFP)

The West Texas Intermediate (WTI) for February delivery climbed 32 cents, or 0.4 percent, to settle at 80.18 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery added 64 cents, or 0.75 percent, to settle at 85.92 dollars a barrel on the London ICE Futures Exchange.

U.S. markets were closed on Monday in observance of Martin Luther King Jr. Day.

For the week ending Friday, the WTI rose 8.3 percent, while Brent gained 8.5 percent, based on the front-month contracts.