Oil Prices Rise Over 1% Amid Pre-Holiday Trading
Oil prices rose more than 1% on Tuesday, reversing losses from the previous session, driven by short-term market optimism and expectations of a slight supply contraction.
Trading activity winds down ahead of the Christmas and Hanukkah holidays. Brent crude futures climbed 95 cents, or 1.31%, to $73.58 per barrel, while West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.24%, to $70.10 per barrel.
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Market experts suggest that benchmark prices will likely hover near current levels in the short term as trading activity slows during the holiday season. Many participants are holding off until there is greater clarity on global oil balances for 2024 and 2025. Shifts in supply and demand this December have supported a somewhat less pessimistic outlook.
Oil Market Drivers
China’s plan to issue 3 trillion yuan ($411 billion) in special Treasury bonds next year, as Beijing ramps up fiscal stimulus to reinvigorate its faltering economy, also provided a boost to oil prices.
Analysts believe this could offer short-term support for USOIL crude near $67 per barrel.
Markets are also closely monitoring the U.S. economy, the world’s largest oil consumer, which recently posted mixed data.
While consumer confidence weakened in December, new orders for manufactured capital goods rose in November amid strong demand for machinery, and new home sales also rebounded. These indicators suggest the U.S. economy remains on solid footing as the year concludes.
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