shrank for a fifth straight month in December, a private survey showed on Tuesday, as the country grappled with an unprecedented spike in coronavirus cases after it relaxed some restrictions intended to prevent the spread of the virus.

for December. The jobs report is the first top-tier release of 2023 before next week's more important , or CPI, report.

crude for delivery in February was up 15 cents, or 0.2%, to $80.21 per barrel by 01:15 ET (06:15 GMT) after dropping to as low as $79.33 earlier. WTI, as the US crude benchmark is known, finished 2022 up 6.7%.

crude for delivery in February was up 10 cents, or 0.1%, to $86.01 per barrel. Brent ended last year up 10.5%.

warned earlier this week that at least a third of the globe faces a recession in 2023, with the world's largest economies set to see their growth slow sharply. She also warned that 2023 would be tougher than last year for major economies.

struck a more cautious tone than markets were expecting in his New Year's address, warning of more challenges as the country enters a new phase of its COVID-19 response. Beijing had begun relaxing anti-COVID measures in December, following a year of strict restrictions on activity.

has been another wildcard for commodities, rebounding on Tuesday after weak finishes in the last two trading days of 2022 that helped boost the rally as markets priced in the possibility of smaller this year. The central bank is widely expected to raise rates by 25 basis points when it meets in February amid increasing signs that US inflation has peaked. Last year, the Fed raised rates by 425 points in all.

Disclaimer: Barani Krishnan uses a range of views outside his own to bring diversity to his analysis of any market. For neutrality, he sometimes presents contrarian views and market variables. He does not hold positions in the commodities and securities he writes about.