Oil prices rose for a fourth straight session on Thursday amid optimism over China's recovering demand.
Supply disruptions caused by a major earthquake in Turkey and easing worries around inflation and interest-rate hikes also supported prices.
German inflation slowed to a five-month low in January as gas subsidy and a mild winter has led to a decrease in energy prices, preliminary data showed earlier today. Benchmark Brent crude futures edged up 0.2 percent to $85.23 a barrel, while WTI crude futures were up 0.2 percent at $78.59.
Some analysts upgraded growth forecasts for the world's second-largest economy this year, citing accelerating recovery in consumer spending.
Rating agency Fitch has revised its forecast for China's economic growth in 2023 to 5.0 percent from 4.1 percent previously, saying that broader economic activity is recovering faster than initially anticipated after lifting of COVID-19 restrictions. China's reopening has boosted retail sales and travel. "We have every reason to be confident - indeed optimistic - on the Chinese market," LVMH Chairman and CEO Bernard Arnault said during an earnings webcast last month.
