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OIL: Oil End of Day Summary: Crude Falls on Stronger Dollar

OIL
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Crude is falling today despite regaining some of its earlier losses, with pressure from a stronger USD dollar.

  • WTI FEB 25 down 0.2% at 69.35$/bbl
  • Roi Kais at Kan reporting on X, per Saudi-owned Al-Sharq TV channel, that "there is significant progress," toward a ceasefire-for-hostage deal, "but there are still issues in dispute."
  • Hungary is again receiving oil through the Druzhba pipeline from Russia, Hungarian Foreign Minister Peter Szijjarto said on Sunday.
  • Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal on Sunday.
  • Trump on Friday urged the EU to increase U.S. oil and gas imports or face tariffs on the bloc's exports.
  • US crude oil inventories are expected to have fallen by 2.0m bbl in the week to Dec. 20, according to an initial Reuters survey.
  • Mexico is continuing its fall in oil production, amid pressure from the reduction in extraction from Pemex, according to Bloomberg.
  • India's crude oil imports fell to 19.07 million metric tons in November, 3.2% down m/m according to PPAC data.
  • Sharara crude exports from Libya’s Zawiya port in December were revised to 185k b/d from 155k b/d previously, according to Bloomberg.
  • 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.
  • Global crude held stationery for at least 7-days on tankers rose to 70.20mn bbl as of December 20 according to Vortexa, up 7% w/w.
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Crude is falling today despite regaining some of its earlier losses, with pressure from a stronger USD dollar.

  • WTI FEB 25 down 0.2% at 69.35$/bbl
  • Roi Kais at Kan reporting on X, per Saudi-owned Al-Sharq TV channel, that "there is significant progress," toward a ceasefire-for-hostage deal, "but there are still issues in dispute."
  • Hungary is again receiving oil through the Druzhba pipeline from Russia, Hungarian Foreign Minister Peter Szijjarto said on Sunday.
  • Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal on Sunday.
  • Trump on Friday urged the EU to increase U.S. oil and gas imports or face tariffs on the bloc's exports.
  • US crude oil inventories are expected to have fallen by 2.0m bbl in the week to Dec. 20, according to an initial Reuters survey.
  • Mexico is continuing its fall in oil production, amid pressure from the reduction in extraction from Pemex, according to Bloomberg.
  • India's crude oil imports fell to 19.07 million metric tons in November, 3.2% down m/m according to PPAC data.
  • Sharara crude exports from Libya’s Zawiya port in December were revised to 185k b/d from 155k b/d previously, according to Bloomberg.
  • 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.
  • Global crude held stationery for at least 7-days on tankers rose to 70.20mn bbl as of December 20 according to Vortexa, up 7% w/w.