COMMODITY
Crude oil futures end higher after drop in US crude stockpiles
Jan-03-2025

Crude oil futures ended higher on Thursday as data from the Energy Information Administration (EIA) said crude oil inventories decreased by 1.2 million barrels last week after tumbling by 4.2 million barrels in the previous week. Street had expected crude oil inventories to slump by 2.8 million barrels. Meanwhile, the report said gasoline inventories surged by 7.7 million barrels last week and are only slightly below the five-year average for this time of year. Further, optimism about China's oil demand has increased following President Xi Jinping's remarks that China would implement more proactive policies to promote growth this year. He said China's economy was overall stable and progressing amid stability.

Benchmark crude oil futures for February rose $1.41 or about 2 percent to settle at $73.13 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $1.29 or 1.7 percent to settle at $ 75.93 a barrel on London's Intercontinental Exchange.


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