China's president's remarks boost oil prices above $75 a barrel

Baghdad - INA

Oil prices rose on Thursday - the first day of trading in 2025 - as investors returning from vacations monitored the recovery in China's economy and fuel demand after President Xi Jinping pledged to boost growth.

Futures rose to $75.73 a barrel by 4:30 a.m. Baghdad time, after closing 65 cents higher on Tuesday, the last trading day of 2024.

U.S. West Texas Intermediate (WTI) crude futures rose to $72.61 a barrel, after closing 73 cents higher in the previous session.

Chinese President Xi Jinping said in his New Year’s address on Tuesday that his country would implement more proactive policies to boost growth in 2025.

China’s factory activity expanded in December, but at a slower pace than expected, amid concerns about the trade outlook and potential risks from tariffs imposed by U.S. President-elect Donald Trump, a Reuters survey showed on Tuesday. Crude oil and distillate stocks were expected to have fallen last week, while gasoline stocks likely rose, a Reuters survey showed on Tuesday.