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West Texas Intermediate rose above $70 a barrel after a 1.2% gain on Tuesday, with Brent closing below $74. In a bid to bolster growth, China is giving local officials more leeway in how they invest with government bonds, while keeping interest rates steady for now. Policymakers had pledged “moderately loose” monetary policy in the top crude importer earlier this month.
In the US, the American Petroleum Institute said commercial crude inventories fell 3.2 million barrels last week, which would be the fifth consecutive drop if confirmed by government data later Thursday. Nationwide stockpiles typically decline in December, before building in the opening months of the new year.
Crude is headed for a modest annual drop, although prices have been confined to a narrow range since mid-October. Heading into 2025, traders are looking at the possible implications of Donald Trump’s upcoming presidency, Beijing’s efforts to support its economy, and prospects for global crude supplies, with OPEC+ planning to loosen curbs only gradually after a series of delays.
