Oil surges past $72 in first session of 2025

Crude oil futures soared above $72 per barrel in the first trading session of 2025, driven by API data showing a 1.4-million-barrel drop in US crude inventories for the week ending December 27th. If EIA confirms the decline today, it would mark the third consecutive weekly draw, adding to bullish sentiment. The dollar index softened to 108.1, marking a quiet start to the year after a strong 7% gain in 2024. Optimism also grew around China?s fuel demand, fueled by President Xi?s pledge for robust policy measures to bolster economic growth in the world?s top crude importer.

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