December 19, 2022 [Reuters] – China’s loosening COVID-19 rules would likely lead to higher oil demand and in turn prices might increase by around $15 per barrel, Goldman Sachs said in a note on Sunday.

“Chinese oil demand could rise by 1 million barrels per day on average from 2022 to 2023,” the bank’s Economics Research unit said.

Oil prices jumped on Monday having posted losses in the last six sessions on growing recession fears.

Analysts at Goldman also noted that the benefit to metals end-use demand from China reopening is likely limited, “as service sectors outperform goods sectors, infrastructure investment slows, and property recovery may not be robust next year.”

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