WASHINGTON (dpa-AFX) - Crude oil prices drifted lower on Tuesday, but still ended the month and the calendar year with hefty gains.
Tensions in the Middle East, the extended output cuts by OPEC and allies, easing concerns about outlook for energy demand following positive developments on Sino-U.S. trade front and the latest data from the Energy Information Administration that showed a larger than expected drop in U.S. crude inventories contributed to oil's rise in recent sessions.
West Texas Intermediate crude oil futures for February ended down $0.62, or about 1%, at $61.06 a barrel.
Oil futures gained about 11% in the month of December 2019. For the year, WTI crude oil futures gained nearly 35%, the best returns since 2016, when futures soared as much as 45%.
According to a report from the National Bureau of Statistics, China's manufacturing sector expanded for the second straight month in December.
The report said the manufacturing Purchasing Managers' Index held steady at 50.2 in December, against forecast for a fall to 50.0. The factory PMI has stayed above 50 for the second consecutive month.
Suggesting acceleration in manufacturing output, the production sub-index gained 0.6 points to 53.2 in December. The new order index stayed above 50, although on month, it dropped 0.1 point to 51.2.
In U.S. economic news, a report released by the Conference Board on Tuesday showed U.S. consumer confidence dipped from an upwardly revised level in the month of December.
The Conference Board said its consumer confidence index edged down to 126.5 in December from an upwardly revised 126.8 in November.
Economists had expected the index to rise to 128.2 from the 125.5 originally reported for the previous month.
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