05:02 AM EST, 12/24/2024 (MT Newswires) -- Crude oil prices rose early on Tuesday following a positive short-term market outlook ahead of the Christmas holiday.

Brent crude rose 0.7% to US$73.11 per barrel and West Texas Intermediate crude gained $0.7% to US$69.71/b at last look.

Benchmark prices are expected to fluctuate around current levels in the short term on lower activity in the paper markets and as market participants stay on the sidelines while they await a clearer view of 2024 and 2025 global oil balances, analysts said in a Reuters report on Tuesday.

Other analysts pointed to signs of a positive outlook for oil over the next few months, Reuters quoted the analysts as saying.

China's plan to issue around $411 billion of special treasury bonds next year as part of efforts to ramp up fiscal stimulus also provided support to prices, the report said.