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OIL: Mid-Day Oil Summary: Crude Climbs

OIL
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Oil has climbed today in a  thin pre-holiday trading session remaining around the middle of its December range supported by more positive factors out of the U.S.

  • Brent FEB 25 up 0.7% at 73.16$/bbl
  • WTI FEB 25 up 0.8% at 69.76$/bbl
  • Crude has remained in a tight range since the middle of October, with geopolitical uncertainty weighing against lackluster demand in China and expectations for ample supply from the Americas. OPEC and its allies have also shown intent to keep extending production returns.
  • New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery, while new home sales also rebounded, in a sign that the U.S. economy is on a solid footing towards the year-end.
  • The Biden Administration is looking to tighten sanctions on Russia as  a parting blow to Putin the Washington Post reports.
  • There is a lot of talk coming out of the U.S. at present about tariffs and sanctions, but the market needs to wait and see action Energy Aspects Director Amrita Sen said on Bloomberg TV.
  • Chinese teapots have been seen importing more crude from West Africa according to OilChem. The types of crude primarily include Djeno, Mostarda, and Pazflor.
  • US crude oil inventories are expected to have fallen by 3.8m bbl in the week to Dec. 20, according to a note by Macquarie, cited by Bloomberg.
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Oil has climbed today in a  thin pre-holiday trading session remaining around the middle of its December range supported by more positive factors out of the U.S.

  • Brent FEB 25 up 0.7% at 73.16$/bbl
  • WTI FEB 25 up 0.8% at 69.76$/bbl
  • Crude has remained in a tight range since the middle of October, with geopolitical uncertainty weighing against lackluster demand in China and expectations for ample supply from the Americas. OPEC and its allies have also shown intent to keep extending production returns.
  • New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery, while new home sales also rebounded, in a sign that the U.S. economy is on a solid footing towards the year-end.
  • The Biden Administration is looking to tighten sanctions on Russia as  a parting blow to Putin the Washington Post reports.
  • There is a lot of talk coming out of the U.S. at present about tariffs and sanctions, but the market needs to wait and see action Energy Aspects Director Amrita Sen said on Bloomberg TV.
  • Chinese teapots have been seen importing more crude from West Africa according to OilChem. The types of crude primarily include Djeno, Mostarda, and Pazflor.
  • US crude oil inventories are expected to have fallen by 3.8m bbl in the week to Dec. 20, according to a note by Macquarie, cited by Bloomberg.