Oil prices settle up on China optimism

By Reuters

Jan 04, 2025 12:09 am

NEW YORK — Oil prices settled up by more than $1 a barrel on Thursday as investors returned for the first trading day of 2025 with an optimistic eye on China's economy and fuel demand after a pledge by President Xi Jinping to promote growth.

Swelling gasoline and distillate inventories in the US pressured prices and capped gains.

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