Oil futures gain in quiet holiday trading, buoyed by hopes that Chinese economic stimulus will boost demand in 2025.
“The news last night was focused on new Chinese stimulus,” TP ICAP’s Scott Shelton said in a note. The API report of a 3.2 million barrel drop in U.S. crude inventories last week reflects the year-end trend toward crude drawdowns, he added. “I expect crude stocks to increase in the first quarter.” The EIA is expected to release its weekly inventory report on Friday.
WTI is up 0.7% at $70.58 per barrel, and Brent is up 0.6% at $74.03 per barrel.
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