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Oil Markets Rise Ahead of Fed Rate Decision

OIL

Oil markets have firmed ahead of the US Federal Reserve’s monetary policy decision while the IEA monthly report cautioned a tight energy market could spur a market rally again next year.

  • US consumer prices posted the smallest monthly gain in more than a year yesterday, indicating the worst of inflation may have passed. Oil markets await signs that central banks are set to slow interest rate rises.
  • The IEA cautioned that Russian supplies could end up squeezed as a result of sanctions while a Chinese demand uptick into early next year would prompt buying activity.
  • TC Energy Corp. is targeting a partial restart of a segment of the Keystone oil pipeline on Wednesday and full resumption on Dec. 20 – a move which would help alleviate strain on the US petroleum system.
  • Brent FEB 23 up 0.9% at 81.37$/bbl
  • WTI JAN 23 up 1% at 76.14$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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