Crude oil futures ended higher on Wednesday despite weak fourth-quarter GDP data from China. China reported a 5.2% increase in fourth-quarter GDP, lower than the expected 5.3% rise. Meanwhile, OPEC reiterated that demand will rise by 2.2 million barrels per day this year, over 2023. OPEC expects oil demand to rise by 1.8 million barrels per day next year. Besides, the OPEC group produced 26.7 million barrels of crude oil per day in December, up from 26.628 million barrels of crude oil per day a month earlier.
Benchmark crude oil futures for February delivery added 16 cents or 0.22 percent to settle at $72.56 a barrel on the New York Mercantile Exchange. However, Brent crude for March delivery fell 41 cents or 0.52 percent to settle at $ 77.88 a barrel on London's Intercontinental Exchange.