09:00 AM EST, 01/03/2025 (MT Newswires) -- Oil on Friday fell for a fifth-straight session after China introduced additional economic stimulus measures and reiterated its 5% growth target and U.S. inventories fell.

West Texas Intermediate crude for February delivery was last seen down US$0.04 to US$73.09 per barrel, while March Brent crude was down US$0.07 to US$75.86.

China this week reiterated its 5% target for economic growth as the world's No.1 importer introduced new stimulus measures, including raising wages for government employees and new funding for businesses and consumers.

Falling U.S. inventories are also offering support to the commodity. In its weekly report, the Energy Information Administration on Thursday said inventories fell by 1.2-million barrels last week, while gasoline stocks rose by 7.7-million barrels and distillates rose by 6.4-million barrels.