Oil Prices Drift Higher Amid Thin Holiday Trading

Oil Prices Drift Higher Amid Thin Holiday Trading

Oil prices rise, with Brent crude up 0.65% at $72.79 a barrel and WTI up 0.7% at $69.74 a barrel.

Crude is clawing back some of the losses incurred on Monday's session despite a firmer U.S. dollar and low trading volumes ahead of the holidays. Brent is down 0.5% on-week, while WTI sits up 0.2% on week.

Oil prices are likely to trade in a narrow band over the Christmas period, as investors are unlikely to drive prices higher or lower without a firmer outlook over 2025. Traders are awaiting a U.S. initial jobless claim print due on Thursday and the start of the new year for fresh catalysts, with President-elect Donald Trump taking office on Jan. 20.