World oil prices show multidirectional dynamics

World oil prices showed multidirectional dynamics on Tuesday morning, as investors are evaluating several factors, including statistics on China.

The price of March futures for Brent crude rose by 0.31% to $84.72 per barrel, and March futures for WTI fell by 0.61% to $79.62.

Oil traders have turned their attention to China statistics as markets focus on China's demand outlook after the coronavirus lockdown eases.

Better-than-expected data from China could support oil prices as China's demand is now in the spotlight, Ravindra Rao, the head of commodities research at Kotak Securities Ltd., told Bloomberg in Mumbai.

China's GDP in the fourth quarter grew by 2.9% annually, but did not change compared to the previous quarter. Analysts had expected a 1.8% year-on-year growth, while a 0.8% decline was forecast for the quarter. In addition, the unemployment rate in the country in December fell to 5.5% from 5.7% a month earlier.

Besides, the volume of industrial production in China in December rose by 1.3% year-on-year. This indicator is especially important for the oil market.

Traders will also keep an eye on the upcoming OPEC report, which is expected to be published later on Tuesday.

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