Oil prices were rising, with Brent crude up 0.5% at $74.39 a barrel and WTI up 0.6% at $71.42 a barrel.
Oil is on pace to end the year lower on weaker demand, particularly in China, with Brent on track to end 2024 down 3.5% on year.
Tuesday’s gains might reflect an expansion in Chinese factory activity, market watchers say. The manufacturing purchasing managers’ index came in at 50.1 in December, marking a third consecutive month that the gauge stood above the 50 mark—which separates activity expansion from contraction. This has boosted expectations of demand from China, the world’s second biggest oil consumer after the U.S.
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