Oil prices increased due to China's expanded manufacturing activity in December. Brent crude futures increased to $74.46 a barrel and U.S. West Texas Intermediate crude to $71.48 a barrel. Brent declined 3.2%, and WTI was down 0.6% for the year. Declining U.S. crude stockpiles provided short-term support.
Oil prices rose in early trade on Tuesday after data showed China's manufacturing activity expanded in December, but for a second consecutive year oil was on track to end lower due to demand concerns in top consuming countries.
Brent crude futures rose 47 cents, or 0.7%, to $74.46 a barrel as of 0130 GMT. U.S. West Texas Intermediate crude gained 49 cents, also 0.7%, to $71.48 a barrel.
For the year, Brent declined 3.2%, while WTI was down 0.6%. China's manufacturing activity expanded for a third straight month in December but at a slower pace, an official factory survey showed on Tuesday, suggesting a blitz of fresh stimulus is helping to support the world's second-largest economy.
Chinese authorities have also agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to revive economic growth, Reuters reported last week.
While a weak longer-term demand outlook has weighed on prices, they could find short-term support from declining U.S. crude stockpiles , which are expected to have fallen by about 3 million barrels last week.
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