WTI crude oil futures rose above $72 per barrel on Thursday, the first session after the New Year holiday, following an industry report indicating lower US crude inventories.
API data showed a 1.4-million-barrel decline in US crude stocks for the week ending December 27th. If confirmed by official data today, it would mark a third consecutive weekly draw. Investors are also eyeing a recovery in China's economy and fuel demand after President Xi Jinping's pledge last Tuesday to implement more proactive policies to promote growth. This comes after an official survey suggested that policy stimulus is reaching some sectors in the world's largest crude importer.
Meanwhile, markets remain cautious about a potential oversupply this year and the uncertainty surrounding the impact of Donald Trump's second presidential term on oil policy.
Source: trading Economics
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