Oil wipes losses as China demand grows

Oil drilling rigs

Oil prices erased early losses today, Dec. 10, as China's crude imports posted the first year-on-year growth in seven months, amid market expectations that US crude inventories would fall for a third straight week.

Brent crude futures for February 2025 delivery settled at $72.19 per barrel, after touching $71.53.

WTI crude futures for January 2025 delivery rose 0.3%, or 22 cents, to $68.59 a barrel, after touching $67.72.

Official data showed China's crude imports rose to 48.52 million metric tons in November, averaging 11.81 million barrels per day, up 14.3% from the same month in 2023 and the highest since August last year.

The American Petroleum Institute's report on oil inventories is expected to be released on Dec. 11 morning, and the US Energy Information Administration is scheduled to release official inventory in the evening, amid expectations of a one million barrel drop in crude inventories.