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OIL: Crude Moderately Higher As Technicals Continue To Support Prices

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After rising close to 2% on Thursday following another US crude drawdown, oil prices today have held onto those gains and risen further buoyed by technical buying. Brent is up 0.25% to $76.12/bbl after briefly falling below $76. WTI is 0.3% higher at $73.38/bbl after a high of $73.48. The USD index is down 0.1% and may also be providing some support.

  • WTI and Brent have risen above their 100-day moving averages which have triggered algorithmic purchases, according to Bloomberg. Both benchmarks are higher on the week.
  • With excess supply expected in 2025 and persistent worries regarding China’s demand, the uptrend in oil prices in recent weeks looks unlikely to be sustained. The impact of China’s stimulus, global growth, sanction adjustments by the new US administration and its support of the domestic oil sector, the likelihood of OPEC beginning to normalise output and geopolitical developments are all likely to be key factors monitored for now.
  • Later the Fed’s Barkin and ECB’s Lane speak and US December manufacturing ISM, German December unemployment and UK November lending data are released.  
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After rising close to 2% on Thursday following another US crude drawdown, oil prices today have held onto those gains and risen further buoyed by technical buying. Brent is up 0.25% to $76.12/bbl after briefly falling below $76. WTI is 0.3% higher at $73.38/bbl after a high of $73.48. The USD index is down 0.1% and may also be providing some support.

  • WTI and Brent have risen above their 100-day moving averages which have triggered algorithmic purchases, according to Bloomberg. Both benchmarks are higher on the week.
  • With excess supply expected in 2025 and persistent worries regarding China’s demand, the uptrend in oil prices in recent weeks looks unlikely to be sustained. The impact of China’s stimulus, global growth, sanction adjustments by the new US administration and its support of the domestic oil sector, the likelihood of OPEC beginning to normalise output and geopolitical developments are all likely to be key factors monitored for now.
  • Later the Fed’s Barkin and ECB’s Lane speak and US December manufacturing ISM, German December unemployment and UK November lending data are released.