MARKET OVERVIEW - Oil Prices Rise on the Year's Final Trading Day

Futures oil prices rose on the final trading day of 2024, nearing the levels at which they started the year. Chinese data supported this upward trend, with the manufacturing PMI for December remaining above the 50 threshold for the third consecutive month and services seeing an increase compared to November. Concerns about the health of the Chinese economy and its impact on oil demand have created a cap on prices for much of the year, despite increases driven by geopolitical tensions in the Middle East and Eastern Europe. Simultaneously, OPEC+'s voluntary production cuts have contributed to price stability. February West Texas Intermediate oil rose by 0.53% to $71.52 per barrel, while March West Texas Intermediate increased by 47 cents to $71, and March Brent traded up 0.44% at $74.47.