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Crude Rises Back into Positive Territory

OIL

WTI has reversed the earlier slump to be up again day, as crude prices proceed on a rollercoaster of volatility while the market struggles for direction.

  • WTI JAN 24 up 0.3% at 69.56$/bbl
  • WTI JAN 24-FEB 24 up 0.03$/bbl at -0.24$/bbl
  • Weaker economic data from China and the USA continue to paint a bearish demand outlook ahead.
  • China’s crude imports for the rest of the year are likely to be limited by a lack of quotas for independent refineries. Chinese crude oil imports fell to 42.45mn tons in November, down from 48.97mn tons in October and the lowest monthly level since April, customs data showed.
  • The market also remains unconvinced by OPEC+ cuts, although several OPEC members, such as Russia and Algeria have warned that cuts could be extended or go further in Q1.
Energy BulletsCommodities
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