Oil extends gains, WTI crude exceeds $70

Oil drilling rigs

Oil prices extended gains today, Dec. 24, amid weak trading during the Christmas holiday season and pressure from investor concerns over geopolitical tensions in Europe and the Middle East.

Brent crude futures for February 2025 delivery rose 1.3%, or 95 cents, to close $73.58 a barrel.

WTI crude futures for February 2025 delivery climbed 1.25%, or 86 cents, to $70.10 a barrel.

Prices were supported by China's plan to issue 3 trillion yuan ($411 billion) in treasury bonds next year, as Beijing ramps up fiscal stimulus to revive an economy battered by the pandemic.

The American Petroleum Institute's report on oil inventories is expected to be released early on Dec. 25, before the official inventory data from the US Energy Information Administration is released on Dec. 27, amid expectations of a 700,000-barrel drop in crude inventories.