Oil prices were rising as investors start the new year on a positive note. Brent crude and WTI were both up—0.5% at $74.98 a barrel and $72.05 a barrel, respectively.
Optimism for oil demand has been boosted by Chinese leader Xi Jinping’s annual New Year’s address on Tuesday, market watchers said.
Xi said the nation’s economy is on “an upward trajectory,” though he also noted “challenges of uncertainties in the external environment” in 2025. Official manufacturing purchasing managers’ index data released earlier this week showed factory activity in China is still slightly tilted toward expansion for a third consecutive month. This has further boosted expectations of demand from China, the world’s second biggest oil consumer after the U.S.
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