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OIL: Oil End of Day: Reversal in Dollar Supports Oil Recovery

OIL
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Oil made a slight recovery on Friday, helped by a reversal in dollar strength that weighed on oil following a slowdown in rate cut expectations by the Fed.

  • Brent FEB 25 up 0.2% at 73.04$/bbl
  • WTI FEB 25 up 0.2% at 69.53$/bbl
  • Mixed economic data out of China at the start of the week began the downward pressure for oil as concerns grow for 2025 demand and potential oversupply.
  • China’s Sinopec said in its annual energy outlook on Thursday that China's crude imports could peak as soon as 2025 and the country's oil consumption would peak by 2027, as demand for diesel and gasoline weakens.
  • Trump said on Friday the EU may face tariffs if the bloc does not cut its growing deficit with the U.S. by making large oil and gas trades with the world's largest economy.
  • G7 countries are considering ways to tighten the price cap on Russian oil by targeting more tankers and potentially lowering the price cap to $40/bbl Reuters reported.
  • Oil flows through Russia’s giant Druzhba pipeline system into Belarus and Europe are likely to resume soon after they halted for an unknown reason.
  • Fuel demand in the US is expected to rise ahead of the Christmas and New Year’s holidays. This is reflected in the resilience of RBOB gasoline futures. Heating oil demand is likely to remain elevated through the coming week with Arctic conditions forecast for the Northeast, but the longer-term forecasts into January are much more bearish and this is reflected in weaker ULSD futures.
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Oil made a slight recovery on Friday, helped by a reversal in dollar strength that weighed on oil following a slowdown in rate cut expectations by the Fed.

  • Brent FEB 25 up 0.2% at 73.04$/bbl
  • WTI FEB 25 up 0.2% at 69.53$/bbl
  • Mixed economic data out of China at the start of the week began the downward pressure for oil as concerns grow for 2025 demand and potential oversupply.
  • China’s Sinopec said in its annual energy outlook on Thursday that China's crude imports could peak as soon as 2025 and the country's oil consumption would peak by 2027, as demand for diesel and gasoline weakens.
  • Trump said on Friday the EU may face tariffs if the bloc does not cut its growing deficit with the U.S. by making large oil and gas trades with the world's largest economy.
  • G7 countries are considering ways to tighten the price cap on Russian oil by targeting more tankers and potentially lowering the price cap to $40/bbl Reuters reported.
  • Oil flows through Russia’s giant Druzhba pipeline system into Belarus and Europe are likely to resume soon after they halted for an unknown reason.
  • Fuel demand in the US is expected to rise ahead of the Christmas and New Year’s holidays. This is reflected in the resilience of RBOB gasoline futures. Heating oil demand is likely to remain elevated through the coming week with Arctic conditions forecast for the Northeast, but the longer-term forecasts into January are much more bearish and this is reflected in weaker ULSD futures.