Crude oil prices are moving in a tight band amid thin holiday deals Tuesday morning.
Despite a sluggish display today, oil futures look set for their biggest yearly rise in three years.
West Texas Intermediate crude oil futures for February are up marginally at $61.72 a barrel.
On Monday, WTI crude oil futures for February snapped a four-session winning streak and ended down $0.04 at $61.68 a barrel, after rising to a high of $62.34 earlier in the day.
Oil’s recent uptrend is due to easing concerns about the outlook for energy demand following China and the U.S. agreeing on a trade deal. The two countries are most likely to sign the deal sometime in January.
Other significant factors that have contributed to oil’s rise are the decision of OPEC and allies to deepen output cuts and extend the period of cuts to March 2020, and the ongoing political unrest in the Middle East.