Oil Drops on Dollar Strength in Quiet Holiday Trading
Oil prices fell on Thursday in a subdued session influenced by the holiday season, as a strong U.S. dollar overshadowed hopes for increased fiscal stimulus from China, the world’s largest oil importer.
Chinese authorities agreed to issue 3 trillion yuan ($411 billion) in special Treasury bonds next year, agencies reported on Tuesday, citing two sources. The move aims to bolster fiscal stimulus and revive a faltering economy.
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Brent crude futures dropped 19 cents, or 0.26%, to $73.39 per barrel, while West Texas Intermediate (WTI) crude fell 21 cents, or 0.3%, to $69.89 per barrel.
The World Bank raised its economic growth forecasts for China in 2024 and 2025 on Thursday but cautioned that weak household and business confidence, alongside headwinds in the real estate sector, will continue to weigh on growth in the coming year.
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Meanwhile, the U.S. dollar extended its rally, reaching record highs. A stronger dollar makes USOIL more expensive for holders of other currencies.
The latest weekly U.S. inventory report from the American Petroleum Institute (API) showed crude stocks fell by 3.2 million barrels last week, according to market sources on Tuesday.
Traders will be watching for confirmation from the official inventory report by the Energy Information Administration (EIA), which is set to be released Friday, delayed due to the Christmas holiday.
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