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Oil prices steady on China stimulus and falling US stockpiles
Oil prices hold steady as markets focus on China’s economic stimulus measures and a potential fifth consecutive US stockpile drop, signaling stronger demand heading into 2025.
Oil steadied after recent gains, with Brent near $74 and WTI at $70, as markets focused on China’s economic stimulus and a US report showing a 3.2-million-barrel stockpile drop.
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China is boosting local investments with bond proceeds while maintaining steady rates, supporting its “moderately loose” monetary stance. Meanwhile, US inventories may see a fifth consecutive weekly decline, aligning with seasonal trends.
“Year-end trading remains cautious, but buyers dominate amid signs of a larger US stockpile draw,” said Chris Weston of Pepperstone Group. Markets are eyeing China’s policy moves, OPEC+ plans, and potential impacts of Donald Trump’s presidency heading into 2025.
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Last update: Dec 26, 2024