Due to the Lunar New Year vacation in East Asia, oil prices fell in early trading on Monday, January 23, 2023. But they retained most of last week's gains thanks to the prospect of an economic recovery in China, the largest oil importer, this year.

U.S. West Texas Intermediate (WTI) crude oil futures lost 40 cents, also down 0.5%, to $81.24 per barrel, and Brent crude oil futures fell 46 cents, or 0.5%, to $87.17 at 0031 GMT. The US benchmark registered a gain of 1.8%, and Brent rose 2.8% last week. ANZ commodity analysts announced in a note that the data shows a solid recovery in travel to China after COVID-19 restrictions were relaxed. For them, a 22% jump in road traffic congestion since the beginning of the month compared to the previous year in the country's 15 main cities.

Birol to Reuters announced on the sidelines of the World Economic Forum's annual meeting in Davos that energy markets could tighten this year if the Chinese economy rebounds as financial institutions predict.