Oil prices rose following pre-holiday trading on December 25, recouping losses incurred the day before, Report informs.

The price of February Brent crude futures on the London ICE Futures exchange rose by $0.95 (1.3%), to $73.58 per barrel.

WTI crude futures for February on the New York Mercantile Exchange (NYMEX) rose by $0.86 (1.2%), to $70.1 per barrel.

Media reports that China may issue special treasury bonds in 2025 for a record 3 trillion yuan ($411 billion) in order to raise funds to support the national economy have encouraged oil traders.

China is one of the world's largest importers and consumers of oil. The quotes continue to be supported by concerns related to geopolitical tensions in Eastern Europe and the Middle East, as well as the prospect of tougher sanctions against Russia and Iran.

Meanwhile, expectations of an excess supply of crude oil amid unclear demand prospects and a strengthening US dollar, making commodities less attractive, are having a restraining effect on oil prices.