Oil prices rise to start 2025
Oil futures started 2025 on a positive note, boosted by hopes that China, the world’s biggest crude importer, will follow through on a pledge to further stimulate growth in the new year.
Crude prices rose in December, leaving WTI nearly flat for 2024, while Brent fell 3.1% for a second straight year. Futures were volatile on Wednesday due to the New Year holiday.
China’s economy is “on the whole stable and developing amidst stability” so far this year, Chinese President Xi Jinping said Tuesday in a speech published by state news agency Xinhua.
“Employment and prices have remained stable,” he said. Looking ahead to 2025, Xi said the government will pursue “more proactive macroeconomic policies” and continue to support the economy.
Source: Bloomberg