WASHINGTON (dpa-AFX) - Oil prices climbed higher on Tuesday, but Brent crude recorded an annual loss for a second straight year amid persisting concerns about the outlook for global oil demand due to weak Chinese growth and uncertainty about interest-rate trajectory.
West Texas Intermediate Crude oil futures for February closed up $0.73 or about 1.03% at $71.72 a barrel today. WTI futures gained marginally in 2024.
Brent crude futures settled at $74.64 a barrel, gaining $0.65 or about 0.88%. Brent crude futures shed about 3% in the year.
Data showing an expansion in China's manufacturing activity in the month of December supported oil prices today. China's services activity expanded at the fastest pace in nine months on the back of recent stimulus measures.
The recent upward revision in China's economic growth forecast by the World Bank also contributed to oil's rise.
Other major factors that contributed to the rise in oil prices were the sharp surge in natural gas prices, and the bigger than expected drop in U.S. crude inventories in the week ended December 20th.
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