Politics
Oil prices rise for 2025 kickoff, boosted by China's recovery hopes
By William Watts
Oil futures started 2025 on a positive note, boosted by hopes that China, the world's largest crude importer, will deliver on promises to boost growth further in the new year.
Price movements
— West Texas Intermediate CL00 crude for February delivery CL.1 CLG25 rose $1.01, or 1.4 percent, to $72.73 a barrel on the New York Mercantile Exchange.
— March Brent crude BRN00 BRNH25, the global benchmark, gained $1.02, or 1.4%, to $75.67 a barrel on ICE Futures Europe.
Market drivers
Crude prices rose in December, leaving WTI with a mostly flat performance for 2024, while Brent lost 3.1% for its second consecutive losing year. Oil futures were not settled on Wednesday due to the New Year holiday.
China's economy was “generally stable and grew amid stability” during the year, Chinese President Xi Jinping said Tuesday in a speech published by the official Xinhua news agency. “Employment and prices remain stable,” he said. Looking ahead to 2025, Xi said the government would pursue “more proactive macroeconomic policies” and continue to support the economy.
“Statements by President Xi Jinping promising more proactive policies to boost growth have raised expectations of increased demand for energy. While recent data indicates marginal growth in the country's manufacturing activity, sectors such as services and construction have started to show signs of recovery, suggesting a gradual strengthening of growth. the Chinese economy,” Antonio Di Giacomo, senior market analyst at XS.com, said in a note.
-William Watts
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently of Dow Jones Newswires and the Wall Street Journal.
(END) Dow Jones Newswires
01-02-25 0741ET
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