Oil prices nudged higher yesterday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China’s economy and fuel demand following a pledge by President Xi Jinping to promote growth.
Brent crude futures rose 17 cents, or 0.06 per cent, to $74.82 a barrel yesterday morning after settling up 65 cents on Tuesday, the last trading day for 2024. US West Texas Intermediate crude futures gained 19 cents, or 0.26pc, to $71.91 a barrel after closing 73 cents higher in the previous session.
China’s Xi said on Tuesday in his New Year’s address that the country would implement more proactive policies to promote growth in 2025.
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