Written by Katya Golubkova
TOKYO (Reuters) – Oil prices rose on Tuesday in thin trading ahead of the Christmas holiday, supported by US economic data and rising oil demand in India, the world's third-largest oil importer.
Futures rose 33 cents, or 0.45%, to $72.95 a barrel, and US West Texas Intermediate crude futures rose 29 cents, or 0.42%, to $69.53 a barrel by 0114 GMT.
New orders for major capital goods manufactured in the US rose in November amid strong demand for machinery, while new home sales also rebounded in a sign that the US economy is on solid footing towards the end of the year.
The United States is the largest oil consumer in the world.
In the short term, traders are looking for signs of US demand from crude oil and fuel inventories data due from the American Petroleum Institute industry group later on Tuesday.
Analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week ending December 20, a sign of good demand. The Energy Information Administration is scheduled to release its data on Friday.
It finished the last three sessions just below $69.50, as volatility seeped out of the market ahead of the holiday period, said Tony Sycamore, market analyst at IG.
“As such, I suspect we will remain confined to a tight range at $69.50, perhaps until Wall Street reopens on the 27th,” he added via email.
Meanwhile, India's crude oil imports, the world's third-largest oil importer, rose 2.6% year-on-year to 19.07 million metric tons in November, government data showed, on the back of strong demand amid rising economic activity and travel.
In the Middle East, a new attempt by mediators Egypt, Qatar and the United States to end the fighting between Israel and Hamas gained momentum this month and the gaps between the two parties narrowed, according to statements by Israeli and Palestinian officials, but decisive differences have not yet emerged. To be solved.
