WTI crude oil futures climbed to around $69.5 per barrel on Tuesday, reversing losses from the previous session amid thin pre-holiday trading.
Oil found support after fresh US data indicated that the economy of the key consumer remained strong heading into the year-end. Additionally, India's crude oil imports increased 2.6% year-on-year to 19.07 million metric tons in November, driven by strong demand amid rising economic and travel activity.
However, concerns about potential oversupply next year kept prices under pressure. European supply fears also eased after reports that the Druzhba pipeline resumed operations following technical issues at a Russian pumping station.
At the same time, a stronger US dollar weighed on the dollar-denominated commodity, and recent comments from Asia's top refiner, Sinopec, projecting China's oil consumption to peak in 2027, added further pressure.
Source: Trading Economics
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