Oil prices rise on expectations of increased Chinese demand and decreased supply in Europe

Oil prices rose during today’s trading at settlement, with expectations of increased demand in China, which is the world’s largest oil consumer, in addition to the possibility of a shortage of supply in Europe during the winter.

Brent crude futures witnessed a slight increase of about 5 cents, or 0.07%, to reach $72.19 per barrel at settlement.

US crude futures rose 22 cents, or 0.32%, to record $68.59 per barrel at settlement, according to Reuters.

Both crudes rose by larger percentages during earlier trading on Tuesday, and also increased by more than 1% during trading on Monday.

Reports indicated that China is adopting a “flexible” monetary policy in 2025 to try to stimulate economic growth, which is China’s first financial easing in about 14 years, which supported oil prices.