Crude oil prices slightly increased in the early trades on December 11, Wednesday, continuing the trend of the previous session on Tuesday. Brent crude futures gained 10 cents or 0.14 per cent and touched $72.29 per barrel. Similarly US West Texas Intermediate crude futures rose 9 cents or 0.13 per cent and reached $68.68.
The major reason attributed to the oil price hike could be expectation of increasing oil demand in China for the next year. This is because China’s government announced plans to make it easier for people and businesses to borrow money, which could help boost the economy.
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Sriram Iyer, Senior Research Analyst at Reliance Securities said,”Crude oil and gasoline prices posted small gains on Tuesday on Chinese government stimulus hopes and rising turmoil in the Middle East. Meanwhile, API data showed US crude oil inventories increased by 0.499 million barrels for the week ending December 6, 2024, following a 1.232 million barrels rise in the prior week.”
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Oil prices went up on Tuesday because people are expecting more oil demand in China, the world’s biggest buyer, and potential oil shortages in Europe this winter. This was more important for the market than the situation in Syria. Brent crude ended at $72.19 per barrel, up 5 cents, while U.S. West Texas Intermediate finished at $68.59 per barrel, up 22 cents.
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On Monday, China announced it would adopt a “looser” monetary policy in 2025 to boost its economy, marking its first easing in 14 years.
Crude oil stocks increased by 499,000 barrels during the week ending December 6.
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