Oil prices rose on Tuesday evening after suffering losses in the previous session, supported by positive short-term market expectations, but trading was weak before the Christmas holiday.
Brent crude futures rose by 95 cents, or 1.3%, to settle at $73.58 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 86 cents, or 1.2%, to $70.10 per barrel.
Analysts at “FGE” expect prices to hover around current levels in the short term, “as trading activity in financial markets slows during the holiday season and participants await clearer insights into global oil inventories in 2024 and 2025.”
They added in a note that the changes in supply and demand in December have aligned with their expectations, with prices not experiencing significant declines so far.
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