WASHINGTON (dpa-AFX) - Oil ticked higher on Friday and was on track for a weekly gain on expectations economic stimulus efforts will prompt a recovery in China, the world's largest importer of crude oil.
Benchmark Brent crude futures edged up by 0.2 percent to $72.97 a barrel in European trade while WTI crude futures were up 0.2 percent at $69.79.
Official data released by the National Bureau of Statistics today revealed that China's major industrial enterprises saw a smaller decline in profits in November.
Total profits fell by 7.3 percent year on year to 799.4 billion ($109.5 billion) from October's 10 percent.
The World Bank has raised its forecast for China's economic growth in 2024 and 2025, but warned that weak household and business confidence, combined with headwinds in the property sector, will continue to undermine growth in the coming year.
Markets are still waiting for more clarity on Beijing's stimulus plans amid an apparent shift to a more proactive fiscal policy and a moderately loose monetary policy next year.
Traders also monitored geopolitical developments in the Middle East and awaited the latest inventory data from the Energy Information Administration later in the day for further direction.
The American Petroleum Institute figures revealed earlier this week that U.S oil inventories fell by 3.2 million barrels during the week ended Dec. 20.
Distillate inventories-which include diesel and heating oil-fell by about 2.5 million barrels but gasoline inventories rose by 3.9 million barrels.
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