Oil prices up with China demand hopes

International benchmark Brent crude rose 1.16% to $73.25 per barrel at 11.10 am local time (0810GMT), up from $73.13 at the close of the previous session.

US benchmark West Texas Intermediate (WTI) also edged up 0.24% to $70.1 per barrel from its prior session close of $69.93.

Oil markets are seeing thin trading volumes due to the Christmas holiday.

Prices rose with news that Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special Treasury bonds to boost their struggling economy.

Higher supply and demand expectations for fossil fuels also supported prices as incoming US President Donald Trump is set to take office on Jan. 20.