December WTI crude oil and gasoline prices closed higher on Thursday, with an easing of US-China trade tensions supporting economic growth and energy demand. The positive carryover from Wednesday’s EIA report, showing a decline in crude and gasoline inventories, also boosted prices.

Strength in the global economy, including Eurozone GDP growth and a raised Japan GDP forecast, is bullish for energy demand and crude prices. Expectations for a decline in Russian crude supplies due to sanctions and reduced exports from Ukraine are also supportive of oil prices.

Vortexa reported an increase in crude oil stored on tankers, while the IEA forecasted a record global oil surplus for 2026. OPEC+ is expected to focus on a third monthly oil production hike at its upcoming meeting, aligning with market consensus.

Wednesday’s EIA report indicated lower-than-average US crude oil, gasoline, and distillate inventories, while US crude oil production reached a record high. Baker Hughes reported a slight increase in active US oil rigs, still above the 4-year low seen in August.

Read more at Yahoo Finance: Crude Prices Supported by Energy Demand Optimism