China’s Demand Expectation Boosts Crude Oil Prices
Crude oil prices increased in the global commodities market on Thursday on China’s positive demand expectation. Brent crude price climbed to $73.25 per barrel while the US benchmark West Texas Intermediate (WTI) also edged higher to $70.1 per barrel.
Oil markets experience thin trading volumes due to the Christmas holiday. Prices rose with news that Chinese authorities have agreed to issue 3 trillion yuan worth of special treasury bonds next to boost their struggling economy.
Higher supply and demand expectations for fossil fuels also supported prices as US President-elect Donald Trump will take office in January 2025. Elsewhere, Russia declared a federal emergency over an oil spill caused by two Russian tankers in the Black Sea, the Emergency Ministry said.
The tankers were hit by a storm on Dec. 15. One split in half and the other ran aground. The resulting spill has coated sandy beaches at and around Anapa, a popular resort, and caused serious problems for wildlife, including seabirds, dolphins, and porpoises.
More than 10,000 people have been trying to clear it up. # China’s Demand Expectation Boosts Crude Oil Prices Oil Climbs as Concerns over U.S Economic Growth Ease
