An employee refuels a vehicle at a gas station in Qingzhou, east China's Shandong Province, January 3, 2023. China will hike retail prices of gasoline and diesel from Wednesday based on the recent rise in international oil prices.  Gasoline and diesel prices will rise by 250 yuan, about $36 a ton and 240 yuan a ton, respectively, the National Development and Reform Commission said in a statement Tuesday.  (Photo by Wang Jilin/Xinhua via Getty Images)

According to RBC, investors should watch industrial metals prices as a leading indicator of rising Chinese oil demand. (Photo by Wang Jilin/Xinhua via Getty Images)

Oil may already have bottomed out for 2023, less than a month into the year. So say analysts at RBC Capital Markets, who are eyeing a “clearly bullish” Chinese reopening amid factors that will see North American benchmark prices average $92 a barrel.

After climbing above $82 last week, West Texas Intermediate (WTI) (CL=F)