Oil prices edged higher on Thursday in thin holiday trading, driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, while an anticipated decline in U.S. crude inventories also provided support.

Oil futures ended higher in thin holiday trading conditions Tuesday, with support tied in part to lingering geopolitical worries around Russia and the Middle East, though upside remains capped by expectations for a crude surplus amid a shaky outlook for demand.

Investing.com-- Oil prices extended gains in Asian Trade on Thursday after the Christmas holiday, bolstered by new stimulus measures in China and a drop in U.S. crude inventories. At 21:06 ET (02:06 GMT), Brent Oil Futures traded 0.2% higher to $73.71 a barrel, and Crude Oil WTI Futures also gained 0.2% to $69.80 a barrel.

Oil prices rose more than 1% on Tuesday, reversing the prior session's losses on a brightening short-term outlook tied to the prospect of slightly tightening supplies as trade thinned ahead of the Christmas and Hanukkah holidays.

Crude oil prices rise amid global uncertainty with OPEC+ production delays and potential sanctions on Russian and Iranian exports supporting price growth.

Crude oil prices climbed on Thursday as hopes for more Chinese government stimulus helped boost demand for the commodity.

Oil prices edged higher on Thursday in thin holiday trading, driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, while an anticipated decline in U.S. crude inventories also provided support.

Oil on Thursday rose in thin holiday trade as investors looked for signs that China’s government will take more steps to stimulate the economy of the world's biggest importer of crude. Meanwhile, an report showed a decline in U.