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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $1.41 to $73.13 on the New York Merc, while Brent for March added $1.29 to $75.93 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.70 to WTI, down from a discount of $13.20. Natural gas for February added three cents to $3.66. The TSX energy index added 4.30 points to close at 271.43.

Oil prices started the new year with a pop, as traders returned to their desks and watched for signs of economic recovery in China. In his New Year's address on Tuesday, Chinese President Xi Jinping vowed to implement additional policies to strengthen the economy in 2025. Closer to home, in its latest weekly data release (a day later than usual this week, because of yesterday's holiday), the U.S. Energy Information Administration reported that U.S. crude stockpiles fell by 1.2 million barrels last week. This was not as large as the 2.8-million-barrel decrease expected by analysts, but oil bulls took it in stride.

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