Oil's bull story for 2023 is China's reopening, but that could be derailed if Beijing can't stay the course on its retreat from zero-COVID policy, RBC's Helima Croft says

• China's relaxation of COVID restrictions will serve as the major upside catalyst for oil prices in 2023, said RBC's Helima Croft. 
• She told CNBC the rise in Chinese oil imports and a rebound in domestic travel bode well for Brent and WTI crude. 
• But the downside risk lies in Beijing retreating from further opening up the world's second-largest economy. 

The major upside catalyst for oil prices in 2023 is China revving up economic activity, but downside risk also lies with Beijing if it retreats from its loosening of restrictions tied to COVID-19, according to RBC's top commodity strategist.