Politics
Oil prices on track for strong weekly gains, buoyed by political support from China
By Isabel Wang and William Watts
Oil futures were up slightly on Friday, on track for strong gains in a holiday-shortened week, buoyed by expectations of further stimulus in China, the world's largest crude importer, to stimulate its ailing economy.
Price movements
– West Texas Intermediate CL00 crude for February delivery CL.1 CLG25 rose 63 cents, or 0.9%, to $73.76 a barrel on the New York Mercantile Exchange, on track for another weekly gain by 4%.
— March Brent crude BRN00 BRNH25, the global benchmark, jumped 43 cents, or 0.6%, to $76.32 a barrel on ICE Futures Europe. That's up about 2.8% for the week.
–February RBG25 gasoline was almost flat at $2.06 per gallon, while February HOG25 heating oil fell 0.4% to $2.34 per gallon.
–Natural gas for February delivery NGG25 fell 4.7% to $2.99 per million British thermal units.
Market drivers
Crude oil kicked off the new year with strong gains this week, boosted by remarks from Chinese President Xi Jinping, who pledged to adopt more proactive economic policies to boost growth in 2025.
On Friday, Beijing announced it would increase the issuance of special ultra-long-term Treasury bonds that can be used to promote large-scale equipment renewal and trade in consumer goods, media reported.
“Even though Brent liquidity remains weak during the first trading day of 2025, the initial trend appears favorable for higher prices,” Ahmad Assiri, research strategist at Pepperstone, said in a note.
Overall trading sentiment also indicates that traders are concerned about geopolitical risks, particularly as Donald Trump's inauguration on Jan. 20 approaches, the analyst wrote.
“His policy promises could conflict with realities on the ground, particularly regarding Ukraine and current tensions in the Middle East – potential catalysts for the re-emergence of a risk premium on Brent prices. Nevertheless “Whether this expectation holds or proves contrary will become clearer with price movements in the coming days,” Assiri said.
Traders also expected further interest rate cuts from the Federal Reserve this year to support the U.S. economy.
The Institute for Supply Management reported Friday that its manufacturing PMI rose to a nine-month high of 49.3 last month, up from 48.4 in November. A figure below 50 generally suggests a contraction in U.S. manufacturing.
U.S. businesses are betting that the new Trump administration could strengthen the U.S. economy and businesses, but some of its economic plans, such as high tariffs and an immigration crackdown, could hurt businesses and send them soaring again borrowing costs.
The U.S. government on Thursday revealed a sixth consecutive weekly decline in domestic commercial crude inventories, which fell by 1.2 million barrels for the week ended Dec. 27, according to the Energy Information Administration. Analysts expected a drop of 2.4 million barrels.
-Isabel Wang -William Watts
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