Oil prices gain 1%

Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China's strict Covid-19 curbs will lead to a fuel demand recovery in the world's top oil importer.

Brent crude futures were up $1.21, or 1.41 per cent, to $87.13 a barrel by 0942 GMT, while US West Texas Intermediate (WTI) crude futures were up $1.36, or 1.7 per cent, to $81.54. Both were at their highest since early December.

China's economic growth slowed sharply to 3 per cent in 2022, missing the official target of "around 5.5 per cent" and marking its second-worst performance since 1976.

But the data still beat analysts' forecasts after China started rolling back its zero-Covid policy in early December. Analysts polled by Reuters see 2023 growth rebounding to 4.9 per cent.