Brent crude gains more 1%, exceeds $72

Oil drilling rigs

Oil prices extended gains today, Dec. 9, as geopolitical risk premiums rose against the backdrop of political developments in Syria and pledges by the Chinese government to further stimulate the world's second-largest economy.

Brent crude rose 1.45%, or $1.02, to $72.14 a barrel, after hitting $72.65 during the session. WTI crude climbed 1.75%, or $1.17, to $68.37 a barrel, after touching $68.88.

Pledges by Chinese Communist Party leaders to pursue proactive fiscal policies in 2025 have eased fears of a sluggish economy and weak demand in China, after annual consumer price inflation slowed to its lowest pace in five months and producer prices in the industrial sector contracted.

Both crude grades incurred weekly losses by the end of trading on Dec. 6, with Brent crude down by 1% and WTI crude by 1.2%, despite the OPEC+ decision to postpone abandoning voluntary production cuts until next April.