Oil prices rise 1% in thin pre-holiday trade

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Oil prices rose by more than 1% on Tuesday, reversing the prior session's losses on a brightening short-term outlook tied to the prospect of slightly tightening supplies as trade thinned ahead of the Christmas and Hanukkah holidays.

NEW YORK/LONDON: Oil prices rose by more than 1% on Tuesday, reversing the prior session's losses on a brightening short-term outlook tied to the prospect of slightly tightening supplies as trade thinned ahead of the Christmas and Hanukkah holidays.

China's stimulus is likely to provide near-term support for WTI crude at US$67 a barrel, said OANDA senior market analyst Kelvin Wong.

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Category: EconomyBusiness

Markets: MalaysiaChina

Topics: /Business/ BrentCrude GlobalDemand Commodities SupplyOutlook OilPrices ChinaStimulus WTICrude CrudeOil

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-25 @ 06:18:00 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 525 words

Reading Time: 3 minutes read

Sentences: 23 lines

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Copyright Owner: © The Star

News ID: 24651773

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