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Crude oil futures end higher on Monday

31 Dec 2024 Evaluate

Crude oil futures ended higher on Monday as traders expect improved demand from China in 2025 after the recent stimulus measures take hold.  A private report last week said that Chinese authorities have agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to revive growth. Further, oil prices were also supported by a sharp surge in natural gas prices after forecast of a colder-than-normal weather across the Eastern and Midwest regions of the U.S.

Benchmark crude oil futures for January February rose $0.73 or about 1.04 percent to settle at $70.99 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.22 or 0.30 percent to settle at $74.39 a barrel on London's Intercontinental Exchange.


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