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OIL: Oil Summary at European Close: Crude Edges Up

OIL
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Crude front month is stronger today but has eased back from its intraday high, despite a larger-than-expected US stock draw. Weakness in the US dollar has added to support for crude prices today 

  • Brent JAN 25 up 0.2% at 72.94$/bbl
  • WTI JAN 25 up 0.2% at 68.92$/bbl
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • EIA Weekly US Petroleum Summary - w/w change week ending Nov 22: Crude stocks -1,844 vs Exp -522, Crude production +292, SPR stocks +1,172, Cushing stocks -909
  • ARA crude inventories fell by 3.5mn bbls in the week ended November 22 to 49.8mn bbls according to Genscape.
  • Saudi Arabia, Russia and Kazakhstan stressed the importance of full OPEC+ member commitment to the voluntary oil production cuts, according to the Saudi state news agency cited by Reuters.
  • OPEC is unlikely to unwind voluntary production cuts in the short term, executives of global commodity trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Forum in London this week.
  • Libya’s crude oil and condensate production was at 1.38m b/d, Libya’s NOC said Nov. 27.
  • China’s larger independent refiners are likely to “imminently” shun Iranian oil because of their exposure to the U.S. banking system according to Energy Aspects analysis.
  • Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if Trump imposes 25% import tariffs on crude imports from the two countries, traders told Reuters.
  • President-elect Donald Trump’s tariffs on Canadian and Mexican imports would hurt US refiners if crude oil were included, DNB market analysts said, cited by Dow Jones.
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Crude front month is stronger today but has eased back from its intraday high, despite a larger-than-expected US stock draw. Weakness in the US dollar has added to support for crude prices today 

  • Brent JAN 25 up 0.2% at 72.94$/bbl
  • WTI JAN 25 up 0.2% at 68.92$/bbl
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • EIA Weekly US Petroleum Summary - w/w change week ending Nov 22: Crude stocks -1,844 vs Exp -522, Crude production +292, SPR stocks +1,172, Cushing stocks -909
  • ARA crude inventories fell by 3.5mn bbls in the week ended November 22 to 49.8mn bbls according to Genscape.
  • Saudi Arabia, Russia and Kazakhstan stressed the importance of full OPEC+ member commitment to the voluntary oil production cuts, according to the Saudi state news agency cited by Reuters.
  • OPEC is unlikely to unwind voluntary production cuts in the short term, executives of global commodity trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Forum in London this week.
  • Libya’s crude oil and condensate production was at 1.38m b/d, Libya’s NOC said Nov. 27.
  • China’s larger independent refiners are likely to “imminently” shun Iranian oil because of their exposure to the U.S. banking system according to Energy Aspects analysis.
  • Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if Trump imposes 25% import tariffs on crude imports from the two countries, traders told Reuters.
  • President-elect Donald Trump’s tariffs on Canadian and Mexican imports would hurt US refiners if crude oil were included, DNB market analysts said, cited by Dow Jones.