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International benchmarks for crude oil rallied on the first trading day of 2025, buoyed by optimism over China’s economic outlook and reports on US stockpiles dropped for a sixth straight week.

Brent crude climbed $1.29 higher to settle at $75.93/barrel.

WTI increased by $1.41, closing at $73.13/barrel.

On December 31, President Xi Jinping reaffirmed China’s commitment to adopt more proactive policies aimed at stimulating economic growth in 2025. Despite facing significant external and internal challenges, China previously announced a special treasury bond issuance of 3 trillion yuan ($411 billion) to boost consumption and drive economic recovery. Additional fiscal measures are expected later this year.

Meanwhile, the US Energy Information Administration (EIA) reported a reduction in US crude inventories by 1.2 million barrels for the week ending December 27, providing additional support to oil prices.

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Written by: Muhammad Hafiz