Oil prices edged higher on Thursday, the first trading day for 2025, as investors returning from holidays cautiously eyed China's economy and fuel demand following President Xi Jinping's pledge to boost growth.
Brent crude futures were up 16 cents, or 0.21%, at $74.80 a barrel by 0829 GMT after closing up 65 cents on Tuesday, the last trading day for 2024. U.S. West Texas Intermediate crude futures were up 16 cents, or 0.22%, at $71.88 a barrel after closing up 73 cents in the previous session.
Xi said Tuesday in his New Year's speech that the country will implement more proactive policies to boost growth by 2025.
China's factory activity grew in December, a Caixin/S&P Global private sector survey showed on Thursday, but at a slower pace than expected amid concerns over the trade outlook and risks from tariffs proposed by U.S. President-elect Donald Trump.
Source: Investing.com
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