Oil prices rose on Friday, with Brent crude settling at $74.17 per barrel, up $0.91 or 1.2%, and U.S. West Texas Intermediate (WTI) closing at $70.60 per barrel, gaining $0.98 or 1.4%. The gains were supported by a larger-than-expected drawdown in U.S. crude inventories, which fell by 4.2 million barrels for the week ending December 20, according to the Energy Information Administration. This figure surpassed analysts’ expectations of a 1.9-million-barrel decrease and earlier estimates of a 3.2-million-barrel drop by the American Petroleum Institute. Additionally, optimism surrounding China’s economic growth and fiscal stimulus measures bolstered demand prospects, while geopolitical tensions in Europe and the Middle East added further uncertainty to supply outlooks.
