WTI crude oil futures advanced toward $69 per barrel on Wednesday, marking their third consecutive day of gains. This rise in oil prices comes amid a more optimistic outlook for energy demand, particularly after China revealed plans to implement an appropriately loose monetary policy in 2025. The economic stimulus plan is expected to revive China's economy, potentially leading to an increase in energy demand from the world's largest crude importer.

China’s crude imports showed a positive trend in November, rising by over 14% year-on-year. This marked the first increase in seven months, signaling a potential rebound in demand as China seeks to stimulate its economy.

Supply-Side Dynamics:

On the supply side, recent data from the American Petroleum Institute (API) indicated a 0.5-million-barrel increase in US crude stocks last week. This defied expectations, which had anticipated a 1.3-million-barrel draw in inventories. The unexpected increase in US crude stocks highlights potential supply challenges despite growing demand forecasts.

Investor Sentiment and Key Reports:

Investors are now closely watching the upcoming OPEC monthly report for further insights into global oil supply and demand trends. The report will provide important context for pricing as it may highlight any adjustments to OPEC’s production quotas and their impact on the market.

In addition, market participants are awaiting key US inflation data, which could influence the Federal Reserve's future interest rate decisions. Any significant changes in inflation could affect investor expectations around global economic growth and energy consumption.

Outlook:

The improved demand outlook, driven by China’s economic stimulus and rising crude imports, provides support for oil prices. However, concerns about supply dynamics and market volatility, influenced by the US inflation report and OPEC’s decisions, will remain key factors influencing future oil price movements.

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