The Globe and Mail reports in its Wednesday, Jan. 1, edition that oil prices were set to end 2024 with a second consecutive year of losses, remaining steady as data showed an expansion in Chinese manufacturing, countered by Nigeria's plans for higher output next year. A Reuters dispatch to The Globe reports that Brent crude futures rose by 42 cents to $74.41 a barrel, while U.S. West Texas Intermediate increased by 38 cents to $71.37 a barrel (all figures U.S.). Compared with the end of 2023, Brent was down about 3.4 per cent and WTI about 0.4 per cent. September saw Brent futures dip below $70 for the first time since December. 2021, with a high of $91.17 in 2024, marking the lowest since 2021. A Reuters poll predicts that oil prices may hover around $70 a barrel in 2025 due to weak Chinese demand and rising global supplies. Weaker demand in China has led the Organization of the Petroleum Exporting Countries and the International Energy Agency to reduce their oil demand growth forecasts for 2024 and 2025. With non-OPEC supply increasing, the IEA predicts an oil surplus entering 2025, despite OPEC and allies delaying output increases until April, 2025, amid declining prices.