By Anadolu Agency
December 24, 2024 1:23 pmOil prices continued to rise on Tuesday over stronger US economic growth data with expectations that global economic activity will drive oil demand higher.
The international oil benchmark of Brent crude increased by 1.5% to $72.84 per barrel at 11.18 a.m. local time (0818 GMT), up from the previous session’s close of $71.74.
The US benchmark West Texas Intermediate also rose by 0.8% to $69.63 per barrel, compared to $69.08 at the close of the prior session.
Last week’s data from the US, the world’s largest oil consumer, heightened concerns about inflation and a potential recession. Additionally, uncertainties surrounding the US Federal Reserve’s interest rate policy for the coming year further affected oil prices.
Recent US data on personal consumption expenditures and economic growth eased these concerns.
China’s Standing Committee of the National People’s Congress, the legislative body in the world’s largest oil-importing nation, announced plans to discuss a draft law to strengthen the private sector.
Analysts highlighted that weak domestic demand and real estate challenges in China’s economy remain key priorities on the government’s agenda, with efforts underway to tackle these issues ahead of potential trade conflicts.
Oil markets experience thin trading volumes due to the upcoming Christmas holiday.
US stock markets will close early on Tuesday and remain closed on Wednesday, leading to expectations of low trading volumes throughout the week.
Similarly, European stock markets will operate as a half-day on Tuesday with no trading on Wednesday.
Hong Kong markets closed early on Tuesday and will remain closed on Wednesday and Thursday, while South Korean markets will also be closed tomorrow.
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