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Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Brent crude futures rose 46 cents, or 0.6%, to $75.
10 a barrel by 0128 GMT after settling up 65 cents on Tuesday, the last trading day for 2024. U.S.
West Texas Intermediate crude futures gained 49 cents, or 0.7%, to $72.21 a barrel after closing 73 cents higher in the previous session.
China's Xi said on Tuesday in his New Year's address that the country would implement more proactive policies to promote growth in 2025. In an official survey released on Tuesday, China's manufacturing activity barely grew in December though services and construction recovered. The data suggested policy stimulus is trickling into some sectors as China braces for new trade risks from tariffs proposed by U.
S. President-elect Donald Trump. Traders are returning to their desks and probably weighing higher geopolitical risks and also the impact of Trump running the U.
S. economy red hot versus the impact of tariffs, IG market analyst Tony Sycamore said. Stock Trading Masterclass on Value Investing and Company Valuation By - The Economic Times, Get Certified By India's Top Business News Brand View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading Technical Analysis for Everyone - Technical Analysis Course By - Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities View Program Stock Trading Stock Markets Made Easy By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Renko Chart Patterns Made Easy By - Kaushik Akiwatkar, Derivative Trader and Investor View Program Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.
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Sycamore said WTI's weekly chart is winding itself into a tighter range, which suggests a big move is coming. "Rather than trying to predict in which way the break will occur, we would be inclined to wait for the break and then go with it," he added. Investors are also awaiting weekly U.
S. oil stocks data from the Energy Information Administration which has been delayed until Thursday due to the New Year holiday. U.
S. crude oil and distillate stockpiles are expected to have fallen last week while gasoline inventories likely rose, an extended Reuters poll showed on Tuesday. [EIA/S] U.
S. oil demand surged to the highest levels since the pandemic in October at 21.01 million barrels per day (bpd), up about 700,000 bpd from September, EIA data showed on Tuesday.
Crude output from the world's top producer rose to a record 13.46 million bpd in October, up 260,000 bpd from September, the report showed. In 2025, oil prices are likely to be constrained near $70 a barrel, down for a third year after a 3% decline in 2024, as weak Chinese demand and rising global supplies offset efforts by OPEC+ to shore up the market, a Reuters monthly poll showed.
In Europe, Russia halted gas exports via Soviet-era pipelines running through Ukraine on New Year's Day. The widely expected stoppage will not impact prices for consumers in the European Union as some buyers have arranged alternative supply, while Hungary will keep receiving Russian gas via the TurkStream pipeline under the Black Sea. (You can now subscribe to our ETMarkets WhatsApp channel ).
