Oil Rises on China Demand Hopes, US Inflation in Focus

A pump jack of Wintershall DEA is pictured in Emlichheim near the northern German city of Meppen, Germany, on March 9, 2022. Fabian Bimmer/Reuters

LONDON—Oil rose about 1 percent on Thursday supported by optimism over China’s demand outlook and hopes that 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.