Oil prices were higher today, rising 2% on expectations of rising global demand. The US economy grew faster than expected in the fourth quarter at a 2.9% annualized clip. However global economic growth forecasts are expected to remain just above 2% this year according to a Reuters poll. China has still been a good tailwind for crude prices as of late. “China’s reopening is supporting demand prospects,” said UBS analyst Giovanni Staunovo. “Also, market participants are closely tracking the upcoming OPEC+ JMMC (Joint Ministerial Monitoring Committee) meeting and the EU (European Union) embargo on refined products,” Staunovo said. WTI traded up $.86 or 1.1% to close at $81.01. Brent traded up $1.35 or 1.6% to close at $87.47.

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