Brent crude futures rose 0.3%, to $73.80 a barrel by 06:50 CAT.

US West Texas Intermediate crude was at $70.34 a barrel, up 0.3%, from Tuesday's pre-Christmas settlement.

China plans to boost fiscal support for consumption next year by increasing pensions and medical insurance subsidies for residents and expanding trade-ins for consumer goods, according to a finance ministry announcement on Tuesday.

Meanwhile, Chinese authorities have agreed to issue $411 billion worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

--Reuters--