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OIL: Oil Edges Higher Supported by Cooler U.S. Inflation

OIL
BulletEnergy BulletsCommodities

Oil has edged higher on Monday as cooler U.S. inflation data helped alleviate some concerns around last weeks more hawkish Fed stance that weighed on markets.

  • Brent FEB 25 up 0.5% at 73.31$/bbl
  • WTI FEB 25 up 0.6% at 69.87$/bbl
  • Money managers raised their net-long U.S. crude futures and options positions in the week to Dec. 17, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
  • Hungary is again receiving oil through the Druzhba pipeline from Russia, Hungarian Foreign Minister Peter Szijjarto said on Sunday. Shipments resumed on Saturday, according to Belarus' BelTa state news agency.
  • Oil markets are gauging the impact of recent Trump comments about reimposing U.S. control over the Panama Canal.
  • Trump on Friday urged the European Union to increase U.S. oil and gas imports or face tariffs on the bloc's exports.
  • Macquarie analysts projected growing supply surplus for next year, which will weigh down Brent prices to an average at $70.50/bbl, from this year's average of $79.64/bbl, they said in a December report.
  • Mixed economic data out of China a week ago was a contributor to oil weakness causing increased concerns for oversupply in 2025. 
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Oil has edged higher on Monday as cooler U.S. inflation data helped alleviate some concerns around last weeks more hawkish Fed stance that weighed on markets.

  • Brent FEB 25 up 0.5% at 73.31$/bbl
  • WTI FEB 25 up 0.6% at 69.87$/bbl
  • Money managers raised their net-long U.S. crude futures and options positions in the week to Dec. 17, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
  • Hungary is again receiving oil through the Druzhba pipeline from Russia, Hungarian Foreign Minister Peter Szijjarto said on Sunday. Shipments resumed on Saturday, according to Belarus' BelTa state news agency.
  • Oil markets are gauging the impact of recent Trump comments about reimposing U.S. control over the Panama Canal.
  • Trump on Friday urged the European Union to increase U.S. oil and gas imports or face tariffs on the bloc's exports.
  • Macquarie analysts projected growing supply surplus for next year, which will weigh down Brent prices to an average at $70.50/bbl, from this year's average of $79.64/bbl, they said in a December report.
  • Mixed economic data out of China a week ago was a contributor to oil weakness causing increased concerns for oversupply in 2025.