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OIL: Early Gains Lost as US Data Pours Cold Water ON Rate Cuts.

OIL
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  • Stronger US GDP and PCE inflation revised up saw declines in oil prices into US market close as traders re-assessed the probability of rate cuts.
  • Having closed Wednesday night at US$70.58 WTI had spiked to $71.26 leading into the data release, only to decline for the rest of trading day to finish at $69.91.
  • China’s Sinopec’s annual report pointed to oil demand in China having peaked with declines likely to accelerate as Chinese drivers shift to electric cars.
  • Brent had opened Thursday morning in the US at US73.39 to rise leading into the data release to $73.86, only to decline down to $72.62 into the close.
  • Oil industry leaders are getting on the front foot with the incoming Trump administration lobbying for insulation from tariffs, rolling back environmental regulations and allowing drilling in more locations. 
  • BP Plc and the Iraqi government took another step toward reviving one of the OPEC member’s most prolific oil and gas resources, the Kirkuk field in Northern Iraq. 
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  • Stronger US GDP and PCE inflation revised up saw declines in oil prices into US market close as traders re-assessed the probability of rate cuts.
  • Having closed Wednesday night at US$70.58 WTI had spiked to $71.26 leading into the data release, only to decline for the rest of trading day to finish at $69.91.
  • China’s Sinopec’s annual report pointed to oil demand in China having peaked with declines likely to accelerate as Chinese drivers shift to electric cars.
  • Brent had opened Thursday morning in the US at US73.39 to rise leading into the data release to $73.86, only to decline down to $72.62 into the close.
  • Oil industry leaders are getting on the front foot with the incoming Trump administration lobbying for insulation from tariffs, rolling back environmental regulations and allowing drilling in more locations. 
  • BP Plc and the Iraqi government took another step toward reviving one of the OPEC member’s most prolific oil and gas resources, the Kirkuk field in Northern Iraq.