Global crude oil prices rose slowly at the opening of early trading this week as the year to close 2024 approaches.
Current focus for the oil market is on Chinese economic data to be released on Tuesday that will assess manufacturing and services activity for December.
As the world's largest oil consumer, China's economic development will be an important driving factor.
Previously, oil prices have been supported by optimism about China's economic growth next year, which could boost demand for imported crude oil supplies.
In an effort to boost its previously weak economic recovery, China is preparing to issue 3 trillion yuan of special treasury bonds next year, the largest on record in its economic stimulus.
Although China's economic performance this year has been slightly affected, global oil consumption is set to reach a new high in 2024, according to market analysts.
In addition to expectations of a better economic recovery in China next year, continued interest rate cuts in the United States and elsewhere will support the crude oil market.
West Texas Intermediate (WTI) crude oil is trading around $74.20 per barrel while Brent oil is at $70.90.
