Oil prices have risen due to a decrease in U.S. supplies, according to Reuters.

On Thursday, December 26, oil prices increased during subdued holiday trading, driven by hopes for additional financial stimulus in China and anticipated declines in oil inventories in the United States.

According to Reuters.

It is noted that Brent crude prices rose by 22 cents, or 0.3%, reaching $73.80 per barrel. West Texas Intermediate futures in the U.S. were priced at $70.34 per barrel, which is 24 cents, or 0.3%, higher than on Tuesday, December 24, ahead of Christmas.

According to a report from the Ministry of Finance, China plans to enhance fiscal support for consumption next year by increasing subsidies for pensions and health insurance for the population and expanding consumer goods exchange programs.

The Chinese authorities have decided to issue special treasury bonds worth 3 trillion yuan ($411 billion) next year, indicating an increase in fiscal incentives aimed at economic recovery.

Last week, U.S. crude oil and distillate inventories declined, market sources reported, citing data from the American Petroleum Institute on Tuesday, December 24.

The latest data from the Energy Information Administration, part of the U.S. Department of Energy, is expected to be released on Friday, December 27.

Background. Earlier, Mind reported that India is facing oil supply issues from Russia. The reason is the increase in domestic demand and supply chain problems.