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Crude Prices Lower As Market Growth Concerns Rise

OIL

MNI (Australia) - Oil has been trading in a tight range again today on thin year-end liquidity. WTI is down slightly again by 0.3% to about $78.70/bbl after falling 0.8% on Wednesday, as fears of a new global Covid wave grow. Brent is down 0.3% to $83.00. DXY is flat on the NY close.

  • The Australian is reporting that the US, Italy, India, Japan and Taiwan have introduced procedures for incoming travellers from China after the end of its quarantine rules. The possible global spread of Covid has created some uncertainty in markets over the boost to growth from China’s reopening (bbg).
  • Oil has traded in a wide range this year with WTI reaching a peak of $105.94/bbl at the beginning of June and a trough at the start of 2022 of $70.03, before the Russian invasion of the Ukraine. Brent had a high of $110.46 and a low at $73.68.
  • API crude inventories fell 1.3mn in the latest data after a 3.07mn drawdown in the previous week. Distillate and gasoline stocks were higher.
  • Another quiet day with only US jobless claims and EIA inventory data scheduled later.
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