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Crude oil futures end higher on Friday

04 Jan 2025 Evaluate

Crude oil futures ended higher on Friday amid optimism about the outlook for demand on hopes of additional economic stimulus in China. The Chinese government announced two new initiatives to be funded by ultra-long-term bonds that aim to spur business investment. Recent data showing a drop in U.S. crude inventories also aided oil prices. Data from the Energy Information Administration (EIA) said crude oil inventories decreased by 1.2 million barrels last week after tumbling by 4.2 million barrels in the previous week. Street had expected crude oil inventories to slump by 2.8 million barrels. At 415.6 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

Benchmark crude oil futures for February rose $0.83 or about 1.13 percent to settle at $73.96 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $0.58 or about 0.75 percent to settle at $76.51 a barrel on London's Intercontinental Exchange.


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