Oil prices post 3% annual decline, slipping for second year in a row

SINGAPORE (Reuters) – Oil prices rose in early trade on Tuesday after data showed China’s manufacturing activity expanded in December, but for a second consecutive year oil was on track to end lower due to demand concerns in top consuming countries.

Brent crude futures rose 47 cents, or 0.7%, to $74.46 a barrel as of 0130 GMT. U.S. West Texas Intermediate crude gained 49 cents, also 0.7%, to $71.48 a barrel. For the year, Brent declined 3.2%, while WTI was down 0.6%.

China’s manufacturing activity expanded for a third straight month in December but at a slower pace, an official factory survey showed on Tuesday, suggesting a blitz of fresh stimulus is helping to support the world’s second-largest economy.

Chinese authorities have also agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to revive economic growth, Reuters reported last week.

While a weak longer-term demand outlook has weighed on prices, they could find short-term support from declining U.S. crude stockpiles, which are expected to have fallen by about 3 million barrels last week.

Both Brent and WTI were buoyed by a larger-than-expected drawdown from U.S. crude inventories in the week ended Dec. 20 as refiners ramped up activity and the holiday season boosted fuel demand. [EIA/S]

This post is originally published on INVESTING.

  • Related Posts

    Chile’s Codelco copper output up ‘slightly’ in 2024, Chairman tells paper

    SANTIAGO (Reuters) -Copper production at Chile’s Codelco, the world’s largest producer of the metal, was “slightly higher” in 2024 from the previous year, Chairman Maximo Pacheco said in an interview…

    Gold prices won’t hit $3,000 before 2025: Goldman Sachs

    Investing.com —ย Goldman Sachs has delayed its gold price target of $3,000 per ounce, pushing the forecast to mid-2026 instead of the previous expectation for December 2025.ย  The revision comes as…

    Leave a Reply

    Your email address will not be published.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

    You Missed

    Chile’s Codelco copper output up ‘slightly’ in 2024, Chairman tells paper

    • January 6, 2025
    Chile’s Codelco copper output up ‘slightly’ in 2024, Chairman tells paper

    Stop-Limit Order – What Is It & How Does It Work?

    • January 6, 2025
    Stop-Limit Order – What Is It & How Does It Work?

    Gold prices won’t hit $3,000 before 2025: Goldman Sachs

    • January 6, 2025
    Gold prices won’t hit $3,000 before 2025: Goldman Sachs

    Best Ways to Buy Gold in 2025

    • January 6, 2025
    Best Ways to Buy Gold in 2025

    European natural gas prices dip but remain high due to weather, supply issues

    • January 6, 2025
    European natural gas prices dip but remain high due to weather, supply issues

    Dollar and CTA index show strong upside, trend followers eyeing FX risk

    • January 6, 2025
    Dollar and CTA index show strong upside, trend followers eyeing FX risk