Oil prices rose on Thursday, Dec. 26, as hopes for additional fiscal stimulus in China rose and U.S. crude stockpiles fell. About this Reuters reports.
Brent crude futures rose 39 cents, or 0,5%, to $73,97 a barrel. At the same time, the price of American WTI (West Texas Intermediate) oil increased by 43 cents, or 0,6%, to 70,53 dollars per barrel.
"I see two factors supporting oil prices. On the one hand, support must come from the market, which is still insufficient. Additional support comes from expectations of further fiscal and monetary stimulus in China," — said UBS's Giovanni Staunovo, citing the prospect of a fall in U.S. oil inventories in Friday's official supply report.
It is also reported that the American Petroleum Institute stated that crude oil inventories in the US decreased last week. This gave rise to certain hopes for further growth in demand.
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