NY oil prices rise as much as 1% on China stimulus expectations

New York oil prices rose more than 1% on expectations of China's stimulus package next year, with trading down ahead of the Christmas holiday.

On the New York Mercantile Exchange, West Texas Intermediate for February delivery, closed at $70.10 a barrel, up $0.86 and 1.24% from the previous session.

Brent crude oil for February delivery, which is subject to international market comparisons, closed at $73.58 a barrel, up $0.95 and 1.31% from the previous session.

The ODBC Bank said China's issuance of special government bonds to boost the economy next year exceeded market expectations and was likely to provide incremental support for growth.

A day before Christmas, trading was quieter than usual, with New York stock markets and bond markets closing early at 1 and 2 p.m., respectively.