Majority of oil markets remain closed in observance of Christmas holiday break
Date
12/26/2024 4:37:43 AM
(MENAFN) The majority of global markets were closed on Monday in observance of the Christmas holiday break. As a result, there was limited trading activity across various sectors, but oil markets saw some movement on Tuesday. The international oil benchmark, Brent crude, rose by 1.3 percent, reaching USD73.58 per barrel, up from the previous session's close of USD72.63. This increase reflects a positive shift in oil prices as the holiday period began to wrap up.
Similarly, the US benchmark West Texas Intermediate (WTI) also saw a 1.2 percent increase, climbing to USD70.10 per barrel from USD69.24 at the end of the prior session. The upward movement in both Brent and WTI crude prices was largely driven by stronger-than-expected US economic growth data, which has raised expectations that global economic activity will lead to higher oil demand in the coming months.
Moreover, there are anticipations that the US Federal Reserve will continue to ease its monetary policy in light of recent inflation data, which was lower than expected. This has added further optimism to global markets, particularly in the oil sector, as investors expect the continued economic growth to support higher oil consumption.
Stock markets also saw limited activity during this period. US markets closed early on Tuesday and will remain closed on Wednesday, while European stock markets had a half-day of trading on Tuesday and will not open on Wednesday. In Asia, Hong Kong’s markets are closed on Wednesday and Thursday, while South Korean markets were closed on Wednesday, reflecting the broader holiday break that impacted trading schedules worldwide.
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