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Bearish Factors Weigh on Crude Markets

OIL

After earlier strength, oil prices have reverted on a number of bearish factors weighing on the markets this today.

  • Indications that central banks will continue to raise interest rates and a firm dollar have pressured crude.
  • Chinese economic data has disappointed the market after optimism of an opening of the economy drove crude earlier in the week.
  • TC energy’s Keystone pipeline began partial operations yesterday, with a full restart touted for the 20th of December according to Bloomberg sources.
  • US crude stockpiles also showed a huge jump of over 10 million bbls in the latest EIA report.
  • Brent FEB 23 down -0.9% at 81.98$/bbl
  • WTI JAN 23 down -1.2% at 76.34$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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