Oil prices up in thin pre-Christmas trade

By Katya Golubkova

TOKYO (Reuters) – Oil prices were up on Tuesday in thin trade ahead of the Christmas Day holiday, with prices supported by U.S. economic data and rising oil demand in India, the world’s third-largest oil importer.

Brent crude futures were up 33 cents, or 0.45%, to $72.95 a barrel and U.S. West Texas Intermediate crude futures rose 29 cents, or 0.42%, to $69.53 a barrel at 0114 GMT.

New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery, while new home sales also rebounded in a sign that the U.S. economy is on a solid footing towards the year-end.

The United States is the world’s top oil consumer.

In the shorter term, traders are looking for indications of U.S. demand from the crude oil and fuel stockpiles data due from the American Petroleum Institute industry group later on Tuesday.

Analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to Dec. 20 in a sign of healthy demand. The Energy Information Administration is due to release its data on Friday.

WTI crude oil finished the last three sessions just below the $69.50 level as volatility seeped out of the market ahead of the holiday period, IG market analyst Tony Sycamore said.

“As such, I suspect we remain pinned in a narrow range either side of $69.50, perhaps until Wall Street re-opens on the 27th,” he said by email.

Meanwhile crude oil imports by India, the world’s third-largest oil importer, rose 2.6% year-on-year to 19.07 million metric tons in November, government data showed, on the back of strong demand amid rising economic and travel activity.

In the Middle East, a fresh bid by mediators Egypt, Qatar and the U.S. to end the fighting between Israel and Hamas has gained momentum this month and gaps between the parties narrowed, according to Israeli and Palestinian officials’ remarks, yet crucial differences have yet to be resolved.

This post is originally published on INVESTING.

  • Related Posts

    Oil falls after Trump reverses Colombia sanctions threat

    By Anna Hirtenstein LONDON (Reuters) -Oil prices wavered on Monday after the U.S. and Colombia reached a deal on deportations, reducing immediate concern over oil supply disruptions but keeping traders…

    Dollar gains on tariffs fears; euro looks to ECB meeting

    Investing.com – The US dollar slipped lower Monday, rebounding after recent losses as attention returned to the potential for trade tariffs from the Trump administration at the start of a…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Best Brokers in EMEA 2025 – Top Trading Platforms

    • August 6, 2025
    Best Brokers in EMEA 2025 – Top Trading Platforms

    CFDs Broker Orbex Exits EU, Surrenders CySEC Licence

    • August 6, 2025
    CFDs Broker Orbex Exits EU, Surrenders CySEC Licence

    Loonie Battles Alone Against US Tariffs. Forecast as of 06.08.2025

    • August 6, 2025
    Loonie Battles Alone Against US Tariffs. Forecast as of 06.08.2025

    UK Reclaims CFD Brokers, Coinbase Secures a Bank, and Some LIBOR Drama Thoughts

    • August 6, 2025
    UK Reclaims CFD Brokers, Coinbase Secures a Bank, and Some LIBOR Drama Thoughts