Published by Global Banking & Finance Review®
Posted on December 31, 2024
2 min readLast updated: January 27, 2026
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Oil prices rose as China's manufacturing expanded, but are set to end the year lower. Brent and WTI crude saw gains amid declining U.S. stockpiles.
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]
(Reporting by Sudarshan Varadhan; Editing by Sonali Paul)
Oil prices rose after data showed China's manufacturing activity expanded in December.
Brent crude futures rose 47 cents, or 0.7%, to $74.46 a barrel.
U.S. crude stockpiles are expected to have fallen by about 3 million barrels, which could provide short-term support for oil prices.
Chinese authorities have agreed to issue a record 3 trillion yuan in special treasury bonds to revive economic growth.
For the year, Brent crude declined by 3.2%, marking a second consecutive year of lower prices.
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