Oil prices rose on Monday following last week's steep losses after the United States reported higher crude and gasoline inventories.
Benchmark Brent crude futures jumped 1.1 percent to $83.90 a barrel while WTI crude futures were up 1 percent at $77.34, snapping the longest run of declines this year. While optimism over China's demand recovery lent some support, hawkish signals from ECB and Fed officials kept a lid on overall gains.
Analysts say that China will import a record amount of crude oil in 2023 due to increased demand for fuel following the lifting of its COVID-19 restrictions.
Hong Kong International Airport reported 2.1 million passengers in January, nearly 2,900 percent growth from the same period last year, as China reopened borders for the first time since the pandemic began.
Macau is also benefiting from China's travel demand, which will soon spread to the rest of the world, Blackstone's president and COO said.
On the flip side, concerns remain about the impact the Fed raising rates higher than currently anticipated will have on energy demand.
