Oil prices have surged to their highest level in over two months, driven by a decline in US crude stockpiles and a shift towards riskier assets in broader markets. West Texas Intermediate (WTI) oil climbed for the fifth consecutive session, reaching an intraday price of $74 per barrel, its highest since mid-October. This move is attributed to algorithmic buying sparked by a push above the 100-day moving average, as well as dollar weakness and gains in equity markets that supported the upward trend.
Source: https://www.bloomberg.com/news/articles/2025-01-02/latest-oil-market-news-and-analysis-for-jan-3