Oil up marginally amid weak trading

Oil drilling rigs

Oil edged up today, Dec. 26, amid thin trading affected by New Year celebrations.

Investors are optimistic about China's plans to boost financial support for consumption next year by increasing pensions and medical insurance subsidies for residents.

International benchmark Brent crude was trading up 0.15% at $73.68 a barrel, at 09:07 am Makkah time. West Texas Intermediate (WTI) crude rose 0.1% to $70.18 a barrel.

Meanwhile, the American Petroleum Institute estimated that US oil inventories fell by 3.2 million barrels during the week ended Dec. 20.

Official data on inventories from the US Energy Information Administration is expected to be released on Dec. 27, amid expectations of a 700,000-barrel drop in crude inventories.