Oil End of Day Summary: Crude Struggles for Direction

Crude prices have struggled for direction during a volatile trading day, with WTI roughly rangebound as US close approaches. WTI has traded between $68.83/b and $70.45/b today.

• WTI JAN 24 change 0% at 69.35$/bbl
• Iraq has renewed its support for the OPEC+ and commitment to voluntary reduction, Deputy Prime Minister for Energy Affairs and Oil Minister Hayyan Abdul Ghani said according to the Iraqi News Agency
• Chinese crude oil imports fell to 42.45mn tons in November, down from 48.97mn tons in October and the lowest monthly level since April, customs data showed.
• Venezuela’s PDVSA is in advanced talks with Eni and Repsol to renew oil terms in the country but also with an eye on gas according to Bloomberg sources.
• Venezuela has given oil producers in Guyana 90 days to cease operations in the disputed Essequibo province and its waters, according to Argus.
• Indian state-owned refineries look set to join Indian private refineries in buying Venezuelan oil now that US sanctions have temporarily eased.
• Russian Urals crude has fallen back below the G7 price cap of $60/bbl for the first time since July, according to Argus.
• Russia’s crude production cuts fell short of commitments in November according to Bloomberg calculations.
• Oil traders expect to export at least 8m bbl of North Sea crude loadings for December to Asia due to an open arbitrage window, according to Bloomberg.
• The UK issued sanctions against four Emirati ship managers this week linked to 82 tankers involved in Russian oil trades out with the G7 price cap.