Oil prices are rising due to additional financial stimulus measures in China.

Oil prices rose on Thursday, December 26, during thin holiday trading, driven by hopes for additional financial stimulus in China, while an anticipated decline in U.S. oil inventories also provided support.

As reported by Ukrinform, this information comes from Reuters.

Brent crude prices increased by 22 cents, or 0.3%, reaching $73.80 per barrel. West Texas Intermediate crude futures in the U.S. were priced at $70.34 per barrel, which is 24 cents or 0.3% higher than on Tuesday before Christmas.

According to a treasury report on Tuesday, China plans to enhance fiscal support for consumption next year by increasing subsidies for pensions and health insurance for residents and expanding the exchange of consumer goods.

The Chinese authorities agreed to issue special treasury bonds worth 3 trillion yuan ($411 billion) next year as Beijing ramps up fiscal incentives to revive the economy.

U.S. crude oil and distillate inventories decreased last week, market sources reported, citing data from the American Petroleum Institute on Tuesday.

The latest data from the Energy Information Administration, a statistical branch of the U.S. Department of Energy, is set to be published on Friday.

The National Oil Corporation of Libya (NOC) announced on Wednesday that the country's average crude oil production in 2024 exceeded the target of approximately 1.4 million barrels per day.