Brent crude futures rose 59 cents, or 0.7%, to $85.97 per barrel by 0725 GMT, while U.S. West Texas Intermediate crude futures gained 73 cents, or 0.9% to $79.32 a barrel.
The International Energy Agency said oil demand would rise by 2 million barrels per day in 2023, up 100,000 bpd from last month's forecast to a record 101.9 million bpd, with China making up 900,000 bpd of the increase. China will account for almost half of 2023 oil demand growth after relaxing its COVID-19 curbs, the Paris-based agency said.The U.S. dollar , which generally moves inversely with crude prices, surged on the back of bullish U.S. retail sales data and clung to most of those gains on Thursday.
"On China, OPEC and the IEA's optimistic outlook helped. The net upward thrust countered the weight of the huge U.S. oil stock-build, but I don't see much more headroom just yet," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
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