WASHINGTON (dpa-AFX) - Oil prices rose to a five-week high on Monday, continuing to benefit from recent data showing a larger than expected drop in crude inventories in the U.S.
Expectations of increased demand from China contributed as well to the rise in oil prices.
Traders expect improved demand from China in 2025 as the recent stimulus measures take hold.
Crude oil prices were also supported by a sharp surge in natural gas prices after forecast of a colder-than-normal weather across the Eastern and Midest regions of the U.S..
West Texas Intermediate Crude futures for February climbed to $70.99 a barrel, gaining about 0.6%.
Brent crude futures advanced 0.5% to $74.18 a barrel.
Reuters reported last week that Chinese authorities have agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to revive growth.
Last week, the World Bank raised its forecast for China's economic growth in 2024 and 2025, reflecting the effect of recent policy easing and near-term export strength.
Also, in its latest Asian Development Outlook released in December, the Asian Development Bank maintained its previous growth forecasts for China at 4.8 percent for 2024.
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