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Crude oil futures end higher on Tuesday

01 Jan 2025 Evaluate

Crude oil futures ended higher on Tuesday on final session of 2024. Data showing an expansion in China's manufacturing activity in the month of December supported oil prices. China's services activity expanded at the fastest pace in nine months on the back of recent stimulus measures. The recent upward revision in China's economic growth forecast by the World Bank also contributed to oil's rise. Besides, other major factors that contributed to the rise in oil prices were the sharp surge in natural gas prices, and the bigger than expected drop in U.S. crude inventories in the week ended December 20th.

Benchmark crude oil futures for February rose $0.73 or about 1.03 percent to settle at $71.72 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.88 or 0.65 percent to settle at $74.64 a barrel on London's Intercontinental Exchange.


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