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Oil rates rise amid stronger US economic growth data
(MENAFN) Oil prices rose on Tuesday, supported by stronger US economic growth data and expectations that global economic activity will drive up oil demand. However, trading volumes remained light as markets approached the Christmas holiday.
The international benchmark brent crude increased by 1.5 percent, reaching USD72.84 per barrel at 11:18 a.m. local time (0818 GMT), up from USD71.74 at the previous session's close. Meanwhile, the US benchmark West Texas Intermediate (WTI) rose by 0.8 percent, reaching USD69.63 per barrel, compared to its previous close of USD69.08.
Recent data from the US, the world's largest oil consumer, had raised concerns about inflation and the potential for a recession. The uncertainty surrounding the US Federal Reserve's interest rate policy for 2025 also added volatility to oil price trends. However, new US economic growth data and personal consumption expenditure figures helped alleviate inflation concerns, boosting optimism for economic stability.
In China, the Standing Committee of the National People's Congress began discussions on a draft law aimed at strengthening the private sector, although analysts noted that weak domestic demand and real estate issues continue to challenge China's economy. As the Christmas holiday approaches, US stock markets will close early on Tuesday and remain closed on Wednesday, leading to expectations of reduced trading activity for the rest of the week.
The international benchmark brent crude increased by 1.5 percent, reaching USD72.84 per barrel at 11:18 a.m. local time (0818 GMT), up from USD71.74 at the previous session's close. Meanwhile, the US benchmark West Texas Intermediate (WTI) rose by 0.8 percent, reaching USD69.63 per barrel, compared to its previous close of USD69.08.
Recent data from the US, the world's largest oil consumer, had raised concerns about inflation and the potential for a recession. The uncertainty surrounding the US Federal Reserve's interest rate policy for 2025 also added volatility to oil price trends. However, new US economic growth data and personal consumption expenditure figures helped alleviate inflation concerns, boosting optimism for economic stability.
In China, the Standing Committee of the National People's Congress began discussions on a draft law aimed at strengthening the private sector, although analysts noted that weak domestic demand and real estate issues continue to challenge China's economy. As the Christmas holiday approaches, US stock markets will close early on Tuesday and remain closed on Wednesday, leading to expectations of reduced trading activity for the rest of the week.
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