World market prices for oil rise due to US and Chinese stimuli.
Oil prices have risen during the low holiday trading, driven by economic stimuli in China and hopes for a decline in inventories in the US. According to Reuters, Brent crude prices have risen by 22 cents or 0.3% to 73.80 US dollars per barrel, while prices for West Texas Intermediate in the US have increased by 24 cents or 0.3% to 70.34 US dollars per barrel.
The Chinese Ministry of Finance plans to enhance support for consumption next year by increasing subsidies for pensions and health insurance for the population, as well as expanding the exchange of consumer goods. In addition, the Chinese government plans to issue special government bonds worth 3 trillion yuan to boost the fiscal incentives of the economy.
Moreover, oil and distillate inventories in the US fell last week, according to data from the American Petroleum Institute. The National Oil Corporation of Libya (NOC) predicts that the average oil production in the country will be higher than planned in 2024.
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