Oil prices were little changed Friday, but are expected to see a weekly rise due to optimism over economic recovery efforts in China, the world’s largest oil importer.
Brent oil futures were down 1 cent to $73.25 a barrel by 0145 GMT. U.S. West Texas Intermediate crude was at $69.60, down 2 cents from Thursday’s close. However, on a weekly basis, Brent rose by 0.4% while WTI rose by 0.2%.
The World Bank on Thursday raised its economic growth forecast for China in 2024 and 2025, but warned that weak consumer and business confidence, as well as headwinds in the real estate sector, would continue to weigh on growth next year.
China on Thursday increased the size of its economy by 2.7%, but said the change would have little impact on growth this year, as policymakers pledged to take more measures stimulus to stimulate expansion in 2025.
Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) of special Treasury bonds next year, as Beijing steps up fiscal stimulus to revive a faltering economy.
The latest weekly U.S. inventories report, from industry group American Petroleum Institute, showed crude inventories fell last week by 3.2 million barrels, market sources said Tuesday.
Traders will wait to see if the official inventory report from the Energy Information Administration (EIA) confirms this decline. Data from the EIA is expected at 1 p.m. EST (1800 GMT) Friday, later than usual due to the Christmas holiday.
Analysts polled by Reuters expect crude inventories to fall by about 1.9 million barrels in the week ending Dec. 20, while gasoline and distillate inventories are expected to fall by about 1.9 million barrels, respectively. 1.1 million barrels and 0.3 million barrels.
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