Oil prices rose in parallel with the rally in the rest of the market as optimism about oil demand from China, where businesses have started to open, outweighed concerns about an economic slowdown, Bloomberg wrote.

West Texas Intermediate futures traded above $81 a barrel after Thursday’s close with a 1.1 percent gain. Many analysts see upside potential for the oil market by unleashing pent-up demand, especially as business activity in China rebounds after the country abandoned its strict zero-tolerance policy on the virus.

According to Sean Lim, an analyst at RHB Investment Bank Bhd in Kuala Lumpur, the main theme this year is the recovery in oil demand in China as well as the shortage of oil supplies from Russia amid the recession. Meanwhile, Brent is expected to average $85 in the first quarter.

Oil prices have recovered from the sharp drop at the beginning of the year, and liquidity is returning to the futures market. Now all eyes are turning to the possible consequences of the European Union’s sanctions on Russian offshore oil product shipments in early February. The EU is considering a plan to cap export prices for premium refined fuels, such as diesel, at $100 per barrel.