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OIL: Crude Trading In Narrow Range Holding Onto Monday’s Losses

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Oil prices have been trading in a very narrow range during the APAC session as markets wait for the Fed’s decision tomorrow. They have held onto Monday’s losses with Brent down 0.1% to $73.82/bbl after a high of $73.98 and a low of $73.77. WTI is 0.2% lower at $70.60/bbl following a peak of $70.72 and trough of $70.52. The USD index is slightly lower. 

  • Crude sold off on Monday following mixed China data which showed a fall in apparent oil demand and refining output. Authorities have promised stimulus to support the economy but markets are waiting for details. There are concerns that with rising non-OPEC supply, weak China demand will drive a significant surplus.
  • On the supply-side, US industry data on inventories are released later today.
  • Geopolitics remain an issue with more stringent sanctions on Russian oil exports and increased instability in the Middle East.
  • Later US November retail sales, IP and December NY Fed services are released as well as Germany’s December Ifo/ZEW surveys, UK labour market data, euro area October trade and Canadian November CPI. ECB’s Buch and Elderson speak.
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Oil prices have been trading in a very narrow range during the APAC session as markets wait for the Fed’s decision tomorrow. They have held onto Monday’s losses with Brent down 0.1% to $73.82/bbl after a high of $73.98 and a low of $73.77. WTI is 0.2% lower at $70.60/bbl following a peak of $70.72 and trough of $70.52. The USD index is slightly lower. 

  • Crude sold off on Monday following mixed China data which showed a fall in apparent oil demand and refining output. Authorities have promised stimulus to support the economy but markets are waiting for details. There are concerns that with rising non-OPEC supply, weak China demand will drive a significant surplus.
  • On the supply-side, US industry data on inventories are released later today.
  • Geopolitics remain an issue with more stringent sanctions on Russian oil exports and increased instability in the Middle East.
  • Later US November retail sales, IP and December NY Fed services are released as well as Germany’s December Ifo/ZEW surveys, UK labour market data, euro area October trade and Canadian November CPI. ECB’s Buch and Elderson speak.