Oil prices inched upward on Monday amidst light holiday trading, with markets looking for more clarity on demand from major consumers like the US and China as the year winds down.
Brent crude, the global benchmark, saw a modest increase of 0.29%, reaching $73.61 per barrel, while US West Texas Intermediate (WTI) rose 0.34% to $70.33 per barrel.
Recent data from the US Energy Information Administration (EIA) showed a larger-than-expected drop in crude oil inventories, hinting at stronger demand and potentially higher prices. US crude stocks fell by around 4.2 million barrels in the week ending December 20, much more than the expected 700,000-barrel decline.
In China, optimism also boosted prices as the World Bank raised its growth forecast for the country in 2024 and 2025, despite a quieter trading week due to the holiday. But uncertainties around both oil supply and demand remain, particularly as the US heads into a new political era with President-elect Donald Trump taking office next month.
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