Oil markets remain closed on Christmas

By Basak Erkalan

The majority of global markets remained closed on Monday due to the Christmas holiday break.

The international oil benchmark of Brent crude increased by 1.3% to $73.58 per barrel on Tuesday, up from the previous session's close of $72.63.

The US benchmark West Texas Intermediate also rose by 1.2% to $70.10 per barrel, compared to $69.24 at the close of the prior session.

Until the holiday, both benchmarks rose with stronger US economic growth data and expectations that global economic activity will drive oil demand upwards.

Also, the US Federal Reserve (Fed) is expected to further ease its policy following lower-than-expected US inflation data.

US stock markets closed early on Tuesday and will remain closed on Wednesday.

Likewise, European stock markets had a half-day on Tuesday and will not trade on Wednesday.

Hong Kong markets are also closed on Wednesday and Thursday, while South Korean markets remained closed on Wednesday.