Global oil prices rise to $73.05/barrel in pre-Christmas trade

Global oil prices experienced a modest uptick on Tuesday, December 24, 2024, as markets showed cautious optimism ahead of the Christmas holiday. Brent crude futures rose by 42 cents, or 0.6%, to settle at $73.05 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 38 cents, or 0.6%, reaching $69.62 per barrel.

Analysts at FGE noted that, due to reduced trading activity during the holiday season, benchmark prices are expected to remain stable around current levels in the short term. They highlighted supportive supply and demand dynamics in December, contributing to a less bearish outlook. However, they cautioned that any supply disruptions could lead to upward price spikes, given the current market positioning.

Neil Crosby, assistant vice-president of oil analytics at Sparta Commodities, echoed similar sentiments, forecasting a positive trajectory for oil in the coming months.

Overall, while trading volumes were light ahead of the holiday, the market's slightly optimistic outlook provided a lift to oil prices in pre-Christmas trade.

Source: Petrol Career