China's Economic Recovery Signals Boost for Oil Market

In a significant development for global markets, crude oil prices experienced a notable increase of over 1% on the first trading day of 2025. This surge was primarily attributed to the optimistic economic outlook presented by China's President Xi Jinping.

Xi Jinping projected a 5% growth in China's GDP for 2024, signaling a robust recovery for the world's second-largest economy. He further emphasized the implementation of proactive policies aimed at sustaining this growth momentum into the following year.

As of 5:13 am ET, West Texas Intermediate (WTI) for February's settlements saw a 1.30% rise, trading at $72.77 per barrel. Similarly, Brent crude for the same month's deliveries witnessed a 1.31% increase, reaching $75.63 per barrel.