Crude oil futures ended higher on Tuesday on expectations the Chinese government will announce additional stimulus revive growth in the world's second largest economy. China's Finance Ministry announced that the government will increase public spending with a greater focus on promoting domestic demand growth next year. Besides, there is optimism over solid U.S. fuel demand after separate set of data released the previous day showed new home sales rebounded and core capital goods orders increased in November. Commodity market remained closed for trading on Wednesday, December 25, 2024, on account of Christmas.
Benchmark crude oil futures for January delivery higher $0.86 or about 1.25 percent to settle at $70.10 a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose $0.95 or 1.3 percent to settle at $73.58 a barrel on London's Intercontinental Exchange.
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