International oil prices rose on December 24 as trading activity was light ahead of the Christmas and Hanukkah holidays. Analysts from the energy consultancy FGE anticipate that market participants will adopt a wait-and-see approach until they gain clearer insights into the global crude oil balance for 2024 and 2025.

West Texas Intermediate (WTI) crude for February delivery increased by US$0.86 (1.2%), reaching US$70.10/barrel on the New York Mercantile Exchange. Brent crude for February delivery rose by US$0.95 (1.3%), settling at US$73.58/barrel.