WTI crude oil futures rose above $71 per barrel on Tuesday, rising for the third consecutive session amid thin holiday trading.
Traders are awaiting factory survey data from the US and China for insights into the demand outlook from these key consumers. Meanwhile, oil is on track for a modest annual loss of around 0.5% after months of being confined to a narrow trading range.
The market is now bracing for a potentially turbulent year ahead, with concerns about a supply glut, geopolitical risks, and the potential impact of the incoming Trump administration on oil policy contributing to caution.
Source: Trading Economics
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