The price of Texas Intermediate Oil (WTI) closed on Friday with a rise of 1.1%, settling at $73.96 a barrel, encouraged again by expectations that there will be greater demand for crude oil this year thanks to the possible economic growth of China, the main importer of black gold .
At the close of the session in the New York Mercantile ExchangeUS crude oil contracts for delivery in February added 83 cents compared to the previous session.
In the calculation of the week, which has been shorter than usual due to the holiday of New Year On Wednesday, the price of oil has advanced 5%.
Texas prices have been boosted these days by the statements of the President of China, Xi Jinping, who said on Tuesday that the country’s economy in 2024 progressed in a “stable” manner and that his government will apply this year “economic policies more proactive.
In this sense, operators hope that the Asian giant will implement tax policies that help boost the economy.
On the other hand, the Energy Information Administration (IEA) raised its demand expectations in 2025 on Thursday and reported that the total demand for black gold in the United States increased about 700,000 barrels per day from September to 21.01 million in October.
According to analysts, in 2025 the crude oil market will focus on the direction that the Federal Reserve’s rate cuts will take, as well as on the geopolitical risk and the future policies of President-elect Donald Trump, especially with regard to Ukraine and the Middle East, as well as his promise to increase tariffs.
In other markets, natural gas contracts for delivery in February fell to $3.35 per thousand cubic feet, and gasoline contracts for the same period remained at $2.05 per gallon. EFE
