Oil prices rise amid positive sentiment

NEW YORK, Jan. 26 (Xinhua) -- Oil prices advanced on Thursday, bolstered by positive sentiment.

The West Texas Intermediate (WTI) for March delivery gained 86 cents, or 1.07 percent, to settle at 81.01 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery added 1.35 dollars, or 1.57 percent, to close at 87.47 dollars a barrel on the London ICE Futures Exchange.

The rally came as traders bet on rising energy demand in China.

Meanwhile, stronger-than-expected economic data from the United States provided additional support to oil markets.

The U.S. Commerce Department reported Thursday that U.S. gross domestic product increased at an annual rate of 2.9 percent in the fourth quarter of 2022, above consensus.

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