Oil prices rose more than 1% on Thursday on the first trading day of 2025 due to investor optimism about the evolution of the Chinese economy, even though the Asian giant’s manufacturing activity slowed down in December.
Thus, Brent barrel futures rose 1.47% at 1:55 p.m. Spanish peninsular time, to 75.74 dollars (73.37 euros), while West Texas Intermediate (WTI) rose 1.53%, to 72.82 dollars (70.54 euros).
This dynamic has occurred after President Xi Jinping’s New Year’s speech, in which he promised to redouble the government’s efforts to boost growth in 2025.
In this regard, the December PMI data from Caixin/S&P Global showed a containment in the advance of industrial production, although services and construction showed better data after the stimuli deployed by Beijing.
