Oil prices climb as Chinese growth data and tariff news hit markets
Crude oil prices advanced on Tuesday following strong economic reports from China and currency shifts. Better than expected growth data and a weaker US dollar provided a dual boost to global energy markets.
Insights:
On January 20, 2026, global oil prices trended higher as market participants reacted to robust economic data from China 
CNand a dip in the value of the American currency. Brent Crude Oil futures rose 19 cents, or 0.3 percent, to reach $64.13 per barrel by 0100 GMT. Meanwhile, the WTI Crude Oil February contract climbed 25 cents, or 0.4 percent, from its Friday close to stand at $59.69. The WTI Crude OilMarch contract gained 0.08 cents, representing a 0.13 percent increase to $59.42. These WTI Crude Oilcontracts did not settle on Monday because markets in the United States 
USwere closed for the Martin Luther King Jr. Day holiday.
CNand a dip in the value of the American currency. Brent Crude Oil futures rose 19 cents, or 0.3 percent, to reach $64.13 per barrel by 0100 GMT. Meanwhile, the WTI Crude Oil February contract climbed 25 cents, or 0.4 percent, from its Friday close to stand at $59.69. The WTI Crude OilMarch contract gained 0.08 cents, representing a 0.13 percent increase to $59.42. These WTI Crude Oilcontracts did not settle on Monday because markets in the United States USwere closed for the Martin Luther King Jr. Day holiday.The price support follows a report showing that Chinarecorded a GDP growth rate of 5.0 percent in the fourth quarter of 2025, successfully meeting the government's official target and exceeding market expectations. This economic resilience has been a central component of the strategy for Chinato capture a record share of global demand for goods to offset weak domestic consumption, though analysts suggest this path is increasingly hard to sustain. In the energy sector, refinery throughput in Chinarose 4.1 percent year-on-year in 2025, while domestic crude oil output grew by 1.5 percent. Both the refining activity and crude production reached all-time highs, signaling strong underlying demand in the world's largest oil importer and influencing the iShares MSCI China ETF .
