Jan 2, 2025: WTI crude oil futures climbed to nearly $73 per barrel on Thursday, reaching their highest level since November, fueled by optimism about oil demand and a report showing shrinking US crude stockpiles. Optimism grew following Chinese President Xi Jinping's New Year address, in which he expressed confidence in China’s economic recovery despite global uncertainties. Additionally, China’s manufacturing sector continued its slight expansion for the third consecutive month, further lifting expectations of strong oil demand. The price increase was also supported by a report from the American Petroleum Institute, which showed US crude inventories dropped by 1.4 million barrels last week, continuing a trend of declining stockpiles. If confirmed by official data, this would be the sixth consecutive week of inventory reductions.
