WASHINGTON (dpa-AFX) - Oil prices traded higher in thin pre-Christmas trade on Tuesday after some analysts have pointed to signs of a positive outlook for oil over the next few months.
Benchmark Brent crude futures were up 0.7 percent at $72.83 a barrel in European trade while WTI crude futures edged up by 0.8 percent to $69.78.
There is optimism over solid U.S. fuel demand after separate set of data released the previous day showed new home sales rebounded and core capital goods orders increased in November.
Recent policy measures by China also stirred optimism about demand.
China's Finance Ministry announced today that the government will increase public spending with a greater focus on promoting domestic demand growth next year.
Analysts say that China, the world's biggest oil importer, plans to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year to revive a faltering economy.
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