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    Home > Finance > Oil prices firm on hopes of US policy support for economic growth
    Finance

    Oil prices firm on hopes of US policy support for economic growth

    Published by Global Banking & Finance Review®

    Posted on December 23, 2024

    2 min read

    Last updated: January 27, 2026

    This image illustrates the recent increase in oil prices, reflecting optimism about US policy support for economic growth. The article discusses how cooling inflation and legislative actions are impacting global oil demand.
    Oil prices rise amid hopes for US economic growth policy support - Global Banking & Finance Review
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    Quick Summary

    Oil prices rose as US policy support is anticipated to boost economic growth and oil demand. Brent and WTI crude futures saw slight increases.

    Oil Prices Increase Amid Hopes for US Economic Policy Support

    By Florence Tan

    SINGAPORE (Reuters) - Oil prices inched higher on Monday, along with other risk assets, after U.S. data showed cooling inflation, reviving hopes of further policy easing next year that will support global economic growth and oil demand.

    Brent crude futures rose 26 cents, or 0.4%, to $73.20 a barrel by 0141 GMT. U.S. West Texas Intermediate crude futures climbed 31 cents, or 0.5%, to $69.77 per barrel.

    "Risk assets, including U.S. equity futures and crude oil, have started the week on a firmer footing," IG markets analyst Tony Sycamore said, adding that cooler inflation data helped alleviate concerns following the Federal Reserve's hawkish rate cut.

    "I think the U.S. Senate passing legislation to end the brief shutdown over the weekend has helped," he said.

    Both oil benchmarks fell more than 2% last week on concerns about global economic growth and oil demand after the U.S. central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

    Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

    Shipments resumed on Saturday, according to Belarus' BelTa state news agency. On Sunday, Hungarian Foreign Minister Peter Szijjarto said supplies on Druzbha to the country had restarted.

    Before the halt, the pipeline was shipping 300,000 barrels per day of crude.

    U.S. President Donald Trump on Friday urged the European Union to increase U.S. oil and gas imports or face tariffs on the bloc's exports.

    The European Commission said it was ready to discuss with Trump how to strengthen what it described as an already strong relationship, including in the energy sector.

    Trump also threatened to reassert U.S. control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.

    In the U.S., the number of operating oil rigs were up one to 483 last week, the highest since September, Baker Hughes reported on Friday.

    (Reporting by Florence Tan; Editing by Christian Schmollinger)

    Key Takeaways

    • •Oil prices rose due to hopes of US policy support.
    • •Brent and WTI crude futures saw slight increases.
    • •US Senate's actions helped stabilize risk assets.
    • •China's oil consumption expected to peak in 2027.
    • •European oil supply concerns eased with pipeline resumption.

    Frequently Asked Questions about Oil prices firm on hopes of US policy support for economic growth

    1What is the main topic?

    The article discusses the rise in oil prices due to anticipated US policy support for economic growth and its impact on global oil demand.

    2How did US policy affect oil prices?

    US policy support is expected to boost economic growth, which in turn is anticipated to increase global oil demand, leading to a rise in oil prices.

    3What are the concerns about China's oil consumption?

    Research indicates China's oil consumption may peak in 2027, affecting long-term oil demand projections.

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