Oil futures gain in quiet holiday trade, buoyed by hopes that Chinese economic stimulus will help demand in 2025.
“Overnight news was focused on new Chinese stimulus,” Scott Shelton of TP ICAP says in a note. The API report of a 3.2 million barrel decline in U.S. crude stocks for last week reflects year-end tendencies to draw crude, he adds. “I am expecting crude stock builds in Q1.” The EIA is scheduled to publish its weekly inventories report on Friday.
WTI is up 0.7% at $70.58 a barrel, and Brent is 0.6% higher at $74.03 a barrel.
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