Oil Prices Edge Higher in Pre-Holiday Trading

Economic signals from the U.S. and rising demand in major markets contribute to a modest rebound in oil prices.

Brent crude rose to $73.10 per barrel, while WTI crude climbed to $69.70 per barrel in thin trading ahead of Christmas.
Stronger U.S. economic data, including increased demand for machinery and a rebound in new home sales, supported oil prices.
Analysts noted potential for price fluctuations as traders await clearer 2024 and 2025 oil market forecasts after the holiday season.
India's oil imports grew by 2.6% year-on-year in November, reflecting increased economic and travel activity.
China's planned fiscal stimulus and expectations of a U.S. crude inventory drawdown further bolstered market sentiment.