Oil prices were mixed on Tuesday after China posted its weakest economic growth in nearly half a century, while its late-2022 U-turn in COVID policy still supported hopes of recovery in the country's fuel demand this year.
Brent crude futures had risen 16 cents, or 0.2%, to $84.62 by 0414 GMT, recouping some of the 1% loss of the previous session.
"Brent crude has gained nearly 10% over the past 10 days as optimism over China's reopening boosted sentiment. However, the outlook for the rest of the global economy is uncertain," ANZ commodity analysts said in a client note. China's gross domestic product expanded 3% in 2022, badly missing the official target of "around 5.5%" and marking the second-worst performance since 1976, as the last quarter was hit hard by stringent COVID curbs and a property market slump.The poor economic data still beat analysts' earlier forecasts as Beijing's roll back of its zero-COVID policy in December shored up consumption.
But Peng warned that China still faced considerable headwinds, including likely recessions in the United States and Europe this year.
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