West Texas Intermediate (WTI) crude oil prices have risen for a third consecutive session, trading near $68.80 per barrel. The increase is driven by an improved demand outlook following China’s announcement of plans for proactive fiscal stimulus and a more flexible monetary policy in 2024, signaling potential energy demand growth from the world’s largest crude importer.
Key factors influencing WTI include:
- China’s Demand: November crude oil imports rose over 14% year-on-year, marking the first increase in seven months.
- Supply Data: The American Petroleum Institute (API) reported a smaller-than-expected rise in U.S. crude oil stockpiles of 0.499 million barrels versus a forecasted 1.3 million-barrel drop.
- Geopolitical Tensions: Heightened instability in the Middle East, including the departure of Syrian President Bashar al-Assad to Moscow, adds upward pressure on prices.
Investors are also focused on U.S. inflation data, which could influence Federal Reserve rate decisions, and the upcoming OPEC Monthly Oil Market Report, expected to provide forecasts and insights on global crude trends for 2024.


