Signs of Optimism in Oil Markets as a New Year Begins

Oil markets have started the year with a renewed sense of optimism, driven by stock draws in the U.S. and China's attempts to stimulate its economy.The gradual return of oil market participants from the New Year’s Eve holidays has been marked with tacit optimism as US stock draws tightened product availability just as cold snaps are threatening both Europe and the US. Meanwhile, China’s vows to be more proactive with stimulus measures have lifted the spirits of those who gave up on more robust policy coming from Beijing, even if temporarily,…