Oil prices up as trading resumes and investors await China's economic recovery

Singapore: Oil prices rose slightly on Thursday, the first trading day of 2025, as investors returning from holidays monitor the recovery in China's economy and fuel demand following President Xi Jinping's pledge to boost growth.

Brent crude futures increased by 46 cents, or 0.6%, to $75.10 per barrel after closing up 65 cents on Tuesday, the last trading day of 2024.

US West Texas Intermediate (WTI) futures rose by 49 cents, or 0.7%, to $72.21 per barrel after closing up 73 cents in the previous session.