China's Fiscal Pledge, Ukraine Stalemate Drive Crude Oil Prices Up

• Crude oil prices rose due to China's pledge to broaden fiscal spending by 2026, signaling sustained government support for economic growth.
• Improved demand prospects from China, the world's top crude importer, contributed to the price increase despite its economic headwinds.
• US-led talks to end the Ukraine war failed to achieve a breakthrough, adding geopolitical tension to the market.
• Brent crude climbed above $61 a barrel, while West Texas Intermediate neared $57, reversing Friday's decline.
• Despite the recent rise, oil is still set for its fifth consecutive monthly drop in December, driven by global supply glut concerns.

Why It Matters: Oil prices climbed on China's growth support and Ukraine war stalemate, but global glut concerns persist.