On December 26, oil prices rose amid weak activity in holiday markets, driven by expectations of additional fiscal stimulus in China. Market support was also provided by forecasts regarding the reduction of oil reserves in the USA, informs Reuters.
The price of Brent oil rose by 22 cents (0.3%) and amounted to $73.80 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.3 percent, to $70.34 a barrel, compared with pre-Christmas trading levels.
The country plans to boost consumption support next year by expanding subsidies for pensions and health insurance, as well as introducing consumer goods exchange programs, according to a statement from China’s Ministry of Finance. To stimulate the economy, Beijing will issue special treasury bonds worth 3 trillion yuan (about 411 billion dollars).
Meanwhile, U.S. crude oil and distillate inventories fell last week, market experts said, citing statistics from the American Petroleum Institute. Official data from the US Department of Energy’s Energy Information Administration will be released on Friday.
