MNI China Daily Summary: Tuesday, December 10

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US NFIB NOV SMALL BUSINESS INDEX 101.7

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MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Mid-Day Oil Summary: Crude largely Steady

OIL

Oil prices are little changed today after falling from a high of $85.81/bbl on July 18. Concern for future global demand and returning OPEC+ supply from October weigh against near term tightness and geopolitical and weather-related supply risks.

  • Brent SEP 24 down 0.2% at 82.21$/bbl
  • WTI SEP 24 down 0.2% at 78.21$/bbl
  • Concerns over the US political situation and demand strength from China amid disappointing data has weighed on oil prices with the move on Friday assisted by pressure from algorithmic selling, according to Bloomberg.
  • The API US oil inventory data is due at 16:30ET ahead of the EIA Weekly Petroleum Status Report tomorrow.
  • Norwegian oil and gas output rose in June, beating forecasts according to the Norwegian Offshore Directorate on Tuesday.
  • Russia’s Lukoil has not resumed oil transit to Hungary or Slovakia according to Russian officials speaking with Reuters on Tuesday.
  • National Iranian Oil set the OSP of Iranian Light crude at a $2.10/bbl premium to Oman-Dubai average for August sales to Asia according to Bloomberg.
  • Maintenance is planned at Kazakhstan’s major Kashagan field in October which may last for around 45 days according to the Ministry of Energy speaking with Interfax.
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