WTI crude oil futures climbed to around $69.50 per barrel on Tuesday, recovering from the previous session's losses amid thin pre-holiday trading.
Oil rises in pre-holiday trading
Oil prices found support after new US data showed the economy of the key consumer remained strong as the year drew to a close. Additionally, India's crude oil imports rose 2.6% year-on-year to 19.07 million metric tons in November, driven by robust demand amid increased economic and travel activity. However, concerns about potential oversupply in the coming year kept prices under pressure.
Fears over European supply eased
Fears over European supply also eased after reports that the Druzhba pipeline resumed operations following technical issues at a Russian pumping station. Meanwhile, a stronger US dollar weighed on the dollar-denominated commodity, and comments from Sinopec, Asia’s top refiner, projecting China’s oil consumption to peak in 2027, added further downward pressure.
