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Oil settles up 1% as cold weather in US, Europe drives winter fuel demand

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Oil prices rose more than 1% on Thursday as cold weather gripped parts of the United States and Europe, boosting winter fuel demand.
Oil prices continued to decline on January 9, 2025, due to a combination of rising U.S. fuel inventories and concerns over global economic growth. U.S. gasoline and distillate stockpiles increased unexpectedly, signaling weaker demand. This was coupled with a stronger U.S. dollar, which makes oil more expensive for holders of other currencies, further pressuring prices. Additionally, market sentiment was affected by ongoing geopolitical tensions and uncertainties regarding future oil production cuts by OPEC+. Despite these factors, some analysts suggest that the market might find support from potential supply disruptions and the ongoing recovery in global travel and industrial activity.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/energy/oil-prices-extend-losses-rising-us-fuel-inventories-2025-01-09/ ]