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Brent crude futures rose 69 cents, or 0.8%, to $85.15 a barrel
by 0913 GMT.
U.S. West Texas Intermediate (WTI) crude was down 7 cents, or
0.1%, at $79.79, heading for the first daily loss since Jan. 4
after touching its highest since Jan. 3.
There was no settlement on Monday because of the U.S. public
holiday for Martin Luther King Day.
China's gross domestic product expanded 3% in 2022, missing the
official target of "around 5.5%" and marking the second-worst
performance since 1976, hit by COVID curbs and a property market
slump.
The economic data still beat analysts' earlier forecasts after
Beijing's rolling back of its zero-COVID policy in December
bolstered consumption.
Data released on Tuesday showed China's oil refinery output in
2022 had fallen 3.4% from a year earlier for its first annual
decline since 2001, though daily December oil throughput rose to
the second-highest level of 2022.
"The country’s crude oil imports were up 4% in December and a
considerable demand boost for transportation fuel ... is
anticipated when the Lunar New Year begins on Sunday," said PVM
analyst Tamas Varga.
He added that reports from the Organization of the Petroleum
Exporting Countries (OPEC) on Tuesday and the International
Energy Agency (IEA) on Wednesday will shed more light on the
strength of oil demand while recession fears loom.
In a survey released at the annual World Economic Forum in Davos,
two thirds of private and public sector economists polled
expected a global recession this year, with about 18%
considering it "extremely likely".
A survey of chief executives' views by PwC was the gloomiest
since the poll was launched a decade ago.
A slight strengthening of the dollar from seven-month lows also
pressured oil prices, making dollar-priced oil more expensive
for buyers holding other currencies.
(Reporting by Shadia Nasralla; Additional reporting by Sonali
Paul in Melbourne and Muyu Xu in Singapore; Editing by David
Goodman)
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