Oil steadied on Thursday as optimism over China's demand outlook was tempered by caution over whether upcoming inflation data from the United States will point to a slower increase in interest rates.
Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023.
Brent crude rose 37 cents, or 0.5%, to $83.04 a barrel at 0912 GMT, while U.S. West Texas Intermediate crude gained 5 cents to $77.46. Both benchmarks rose 3% on Wednesday driven by optimism about the global economy. "A softer landing for the U.S., and perhaps elsewhere, combined with a strong economic rebound in China following the current COVID wave could make for a much better year than feared and stimulate extra crude demand," said Craig Erlam of brokerage OANDA.
The U.S. CPI data due at 1330 GMT is set to have a big impact on oil and the wider market by shaping expectations of the speed of interest rate hikes in the world's biggest economy.
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