Oil closes higher for second consecutive session

Oil drilling rigs

Oil prices rose for a second straight session today, Dec. 30, as investors bet cooler temperatures across the United States and Europe in the coming weeks will boost demand for diesel.

Brent crude futures for February 2025 delivery rose 0.3%, or 22 cents, to $74.39 a barrel, while the more active March 2025 contract climbed 0.25%, or 20 cents, to $73.99.

WTI crude futures for February 2025 delivery gained 0.55%, or 39 cents, to close at $70.99 a barrel.

Fuel distributor TACenergy said that fears of cold weather in the coming weeks are boosting the use of diesel as an alternative to natural gas for heating, Reuters reported.

Investors are awaiting data on Chinese manufacturing activity on Dec. 31, as well as the Institute for Supply Management's survey of US manufacturing on Jan. 3, which will give markets a sense of the health of the world's largest economy.