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OIL: Crude Down Slightly, December OPEC Output Lower

OIL
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Oil prices continue to hold onto most of last week’s gains and are only down slightly today. They have declined moderately this week following technical indicators suggesting last week’s rally was overdone. WTI is 0.2% lower at $73.42/bbl, close to the intraday high after a low of $73.18. Brent is down 0.2% to $76.18/bbl, also close to today’s peak following a brief move below $76.00. The USD is flat.

  • Concerns over excess supply in 2025 persist with both the production and consumption outlooks uncertain. Bank of America has restated that new production from non-OPEC countries is likely to exceed global demand growth. Later today industry-based data on US inventories is released.
  • A Bloomberg survey showed OPEC output declining 120kbd in December driven by UAE with moderate increases in Libya and Nigeria offset by cuts in Iran and Kuwait.
  • Later the Fed’s Barkin speaks and US November trade, JOLTS job openings, December services ISM and preliminary December euro area CPI and November unemployment rate are released.
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Oil prices continue to hold onto most of last week’s gains and are only down slightly today. They have declined moderately this week following technical indicators suggesting last week’s rally was overdone. WTI is 0.2% lower at $73.42/bbl, close to the intraday high after a low of $73.18. Brent is down 0.2% to $76.18/bbl, also close to today’s peak following a brief move below $76.00. The USD is flat.

  • Concerns over excess supply in 2025 persist with both the production and consumption outlooks uncertain. Bank of America has restated that new production from non-OPEC countries is likely to exceed global demand growth. Later today industry-based data on US inventories is released.
  • A Bloomberg survey showed OPEC output declining 120kbd in December driven by UAE with moderate increases in Libya and Nigeria offset by cuts in Iran and Kuwait.
  • Later the Fed’s Barkin speaks and US November trade, JOLTS job openings, December services ISM and preliminary December euro area CPI and November unemployment rate are released.