• Oil pushed higher on optimism that energy demand in China will improve this year after officials ditched Covid Zero.
  • West Texas Intermediate climbed toward $81 a barrel, building on a modest gain on Tuesday and last week’s more-than 8% jump.
  • OPEC Secretary General Haitham Al-Ghais said he’s “cautiously optimistic” about the outlook for the global economy after the cartel forecast a balanced market this quarter.
  • Crude faced a rocky start to the year, sinking in the opening week on concerns of a global slowdown, before rebounding. Aside from China, oil has found support from a weaker dollar and expectations the Federal Reserve is nearing an end to its rate hikes. The US benchmark is now little changed for 2023.