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OIL: Mid-Day Oil Summary: Crude Highest Since Oct.10

OIL
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Brent crude extends earlier gains to the highest since Oct. 10 supported by a tightening balance with Iran and Russian exports impacted by US sanctions. Meanwhile, cold weather in the US and Europe boosting heating fuel demand.

  • Brent MAR 25 up 3.1% at 79.3$/bbl
  • WTI FEB 25 up 3.1% at 76.21$/bbl
  • Sanctions pressure is a key factor supporting oil prices at present as the markets await updates on Bidens parting measures before leaving office this month.
  • U.S. President Joe Biden is expected to announce new sanctions targeting Russia's economy before President-elect Donald Trump takes office on Jan. 20.
  • Concerns around a softer China growth backdrop have limited gains with focus on the latest monthly China trade data due on Monday.
  • Norway’s Johan Sverdrup crude valuations rose by approximately $2/bbl over the course of December according to Argus pricing.
  • Oil prices will stay within their current range for most of 2025 according to a research note by JP Morgan.
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Brent crude extends earlier gains to the highest since Oct. 10 supported by a tightening balance with Iran and Russian exports impacted by US sanctions. Meanwhile, cold weather in the US and Europe boosting heating fuel demand.

  • Brent MAR 25 up 3.1% at 79.3$/bbl
  • WTI FEB 25 up 3.1% at 76.21$/bbl
  • Sanctions pressure is a key factor supporting oil prices at present as the markets await updates on Bidens parting measures before leaving office this month.
  • U.S. President Joe Biden is expected to announce new sanctions targeting Russia's economy before President-elect Donald Trump takes office on Jan. 20.
  • Concerns around a softer China growth backdrop have limited gains with focus on the latest monthly China trade data due on Monday.
  • Norway’s Johan Sverdrup crude valuations rose by approximately $2/bbl over the course of December according to Argus pricing.
  • Oil prices will stay within their current range for most of 2025 according to a research note by JP Morgan.