Brent Oil Hovers Over $80 as Inflation Worries Ease

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang Province, China, on Jan. 4, 2023. China Daily via Reuters

LONDON—Global oil benchmark Brent hovered above $80 on Wednesday, buoyed by China’s pledge to reinvigorate economic growth and expectations the U.S. Federal Reserve will stop raising interest rates soon.

Brent futures rose 38 cents at $80.01 a barrel by 0956 GMT, while U.S. West Texas Intermediate (WTI) crude was up 20 cents to $75.95 per barrel.