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Crude Prices Fall Further On Lower Demand Expectations

OIL

MNI (Australia) - Oil prices have had a soft start to the New Year, as demand concerns come to the fore. Increased talk of recession plus the Covid situation in China have made markets more wary. Fears over the northern hemisphere winter have also been calmed with milder weather forecast.

  • WTI crude has been trading in a narrow range and has fallen a further 0.4% today to $76.65/bbl breaching the key support of $76.79, the December 29 low, opening up $73.40. It reached an intraday high of $77.42 and a low of $76.56. Brent is down 0.2% to $81.90/bbl not far off its intraday low of $81.81 and just above its key short-term support of $81.85, the December 29 low.
  • Oil production from OPEC rose slightly in November due to Nigeria reducing oil theft which had been reducing output for a long time. The other members complied with the quota cut. (bbg)
  • Later today the FOMC meeting minutes are published, as well as the December manufacturing ISM. The other key event for the week is Friday’s payroll data for December, which is expected to post a 200k gain and average hourly earnings are forecast to ease only slightly to 5% y/y (bbg).
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