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Oil prices rise slightly amid holiday trading, demand optimism in China
(MENAFN) Oil prices saw a modest increase on Thursday, supported by expectations of higher demand in China, the world’s largest crude importer, amid light trading volumes due to the holiday season.
Global benchmark Brent crude rose by 1.16 percent, reaching USD73.25 per barrel at 11:10 AM local time (0810 GMT), up from USD73.13 at the previous session’s close.
US benchmark West Texas Intermediate (WTI) also saw a slight increase of 0.24 percent, rising to USD70.10 per barrel from USD69.93 in the prior session.
Thin trading volumes were observed in the oil markets, driven by the Christmas holiday.
The price uptick was supported by reports that Chinese authorities had agreed to issue 3 trillion yuan (USD411 billion) in special Treasury bonds to stimulate the country's struggling economy. Additionally, rising expectations for both supply and demand in the fossil fuel market contributed to the price gains, with the incoming US President, Donald Trump, set to take office on January 20.
Global benchmark Brent crude rose by 1.16 percent, reaching USD73.25 per barrel at 11:10 AM local time (0810 GMT), up from USD73.13 at the previous session’s close.
US benchmark West Texas Intermediate (WTI) also saw a slight increase of 0.24 percent, rising to USD70.10 per barrel from USD69.93 in the prior session.
Thin trading volumes were observed in the oil markets, driven by the Christmas holiday.
The price uptick was supported by reports that Chinese authorities had agreed to issue 3 trillion yuan (USD411 billion) in special Treasury bonds to stimulate the country's struggling economy. Additionally, rising expectations for both supply and demand in the fossil fuel market contributed to the price gains, with the incoming US President, Donald Trump, set to take office on January 20.
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