Oil prices edge up, Brent crude at $74.69
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تعدين وطاقة
01 January 2025
08:18 PM
Oil prices edged higher Tuesdau but are poised to close out their second consecutive year of decline. This decline is attributed to a slowdown in post-pandemic demand recovery, coupled with China's struggling economy. Additionally, the United States and other non-OPEC producers have been pumping more crude into an already well-supplied global market, according to Reuters.
As of 12:48 p.m. EST (1748 GMT),
Brent crude futures gained 70 cents, or 0.95%, to settle at $74.69 per barrel.
West Texas Intermediate (WTI) crude futures climbed 79 cents, or 1.11%, to
$71.78 per barrel.
The benchmark Brent crude
contract is on track to decline by approximately 3.1% from its 2023 closing
price of $77.04. In contrast, WTI crude futures have remained relatively
unchanged compared to their year-end settlement.
