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Oil is lower to kick off the week, holding declines seen on Friday. WTI last trades down $0.39 at $51.97, brent down $0.46 at $54.64.The declines come amid general risk off sentiment with most equity indices in the region negative and global futures also under some pressure.
- A stronger US dollar is also a headwind for oil, the greenback has seen upside after reports in the WSJ that Yellen will not pursue a weak US dollar policy.
- Extra pressure comes from Friday's Baker Hughes US Rig Count data which showed oil rigs rose to 363 from 360, the eighth consecutive week of gains for the metric.
- Oil did come off session lows of $51.76 after strong GDP and Industrial Production data from China.
- Elsewhere, oil output from Libya has fallen around 200k BPD after the closure leaking pipelines for maintenance. Total oil output is now around 1m BPD as Waha Oil carries out maintenance across the pipeline linking the Samah and Dahra fields to the Es Sider crude oil terminal. The maintenance works are scheduled to start today, for an estimated two weeks, according to state-controlled parent company NOC, which hopes to reduce that to a seven to 10-day period.
- There were headlines earlier in the session the US President elect Biden will cancel presidential permission for the Keystone XL pipeline as one of his first acts in office.