Oil prices held steady on Monday as a better-than-expected quarterly rebound for China’s economy countered fears over soaring Covid-19 cases around the world and tight restrictions that could dent economic growth and fuel consumption.
Brent crude gained three US cents, or 0.1%, at $55.13 a barrel by 9.38am GMT while US oil was up 2c, or less than 0.1%, at $52.38.
China’s economy picked up in the fourth quarter, with growth beating expectations as it ended a coronavirus-hit 2020 in remarkably good shape and remained poised to expand further this year even as the pandemic raged unabated.
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