Oil prices settle up on China optimism

Quick Summary:

Oil prices settled up by more than US$1 a barrel on Thursday as investors returned for the first trading day of 2025 with an optimistic eye on China's economy and fuel demand after a pledge by President Xi Jinping to promote growth.

Distillate stockpiles, which include diesel and heating oil, increased by 6.4 million barrels in the week to 122.9 million barrels.

Brent crude futures settled at US$75.93 a barrel, up US$1.29, or 1.7%.

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Category: EconomyBusiness

Markets: MalaysiaChinaHungaryUkraine

Topics: OilPrices EnergyMarket FuelDemand CrudeOil Commodities OPECPlus ChinaGrowth /Business/ GeopoliticalRisk USInventories

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-03 @ 06:54:00 (4 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 563 words

Reading Time: 4 minutes read

Sentences: 25 lines

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Copyright Owner: © The Star

News ID: 24835936

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