Crude oil prices rose 1.17% to ₹6,373 a barrel, fueled by expectations that China’s central bank will cut interest rates in 2025. Forecasts of cold weather in some places also increased demand for heating oil, pushing up prices in the short term.
US oil inventories fell by 1.178 million barrels for the week ended December 27, their sixth straight decline. Stocks at the Cushing, Oklahoma, hub also fell by 0.142 million barrels. On the other hand, gasoline inventories rose by 7.717 million barrels and distillate inventories by 6.406 million barrels, both significantly above estimates.
In October, U.S. oil production reached 13.46 million barrels per day (bpd), while total demand for crude oil and petroleum increased to 21.01 million bpd, the highest level since August 2019. , increased by 347,000 bpd to 4.06 million bpd, indicating strong consumption levels.
