empty

2025.01.0319:08:00UTC+00Oil Futures Close Higher For 5th Straight Session

Oil prices climbed higher on Friday amid optimism about the outlook for demand on hopes of additional economic stimulus in China, and on recent data showing a drop in U.S. crude inventories. Markets also expect interest rates to remain lower for the next few quarters, if not longer.

West Texas Intermediate Crude oil futures for February closed higher by $0.83 or about 1.13% at $73.96 a barrel, settling higher for the fifth consecutive session.

Brent crude futures settled higher by $0.58 or about 0.75% at $76.51 a barrel.

China's central bank is likely to cut interest rates from the current level of 1.5 percent "at an appropriate time" in 2025, the Financial Times reported.

The Chinese government announced two new initiatives to be funded by ultra-long-term bonds that aim to spur business investment.

China's economy was "overall stable and progressing amid stability," Xi said at a new year event earlier this week, according to a speech published by the official Xinhua News Agency.

Reaffirming the official GDP target of around 5% for the full year of 2024, Xi sought to allay fears that the world's second-largest economy would falter over the next 12 months in the face of some new situations, challenges from the uncertainty of the external environment and pressure of transformation from old drivers of growth into new ones.

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. Economists 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, the EIA said.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST


Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.