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OIL: Oil Summary at European Close: Crude Plunges on Lebanon Ceasefire Talk

OIL
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Oil prices have slid around 3% today, with the selloff sparked by on Axios headline suggesting a deal between Israel and Hezbollah has been reached.

  • Brent JAN 25 down 2.8% at 73.09$/bbl
  • WTI JAN 25 down 3.1% at 69.06$/bbl
  • Axios reports that according to an unnamed senior US official, Israel and Hezbollah have come to an agreement on a ceasefire deal that will lead to a cessation of hostilities in Lebanon.
  • The market awaits signs of OPEC’s output plans for 2025 after previous attempts to try and bring barrels back to the market during Q4 were delayed.
  • OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday, Azerbaijan's Energy Minister Parviz Shahbazov told Reuters
  • Trumps administration will roll out a wide-ranging package of energy related policies within days of office according to Reuters sources.
  • Money managers increased net long crude positions last week but with data showing an increase in Brent partly offset by a dip in WTI.
  • China has released an additional crude oil import quota of at least 5.84 million metric tons (116,800 bpd) to independent refiners for cargoes arriving by end-2024 and in early 2025, according to Reuters sources.
  • Kazakhstan oil production is expected to fall to 88.4m tons in 2024 according to Energy Minister Almassadam Satkaliyev cited by Bloomberg
  • BP anticipates strong US growth and expects regulatory improvements under the Trump presidency, according to CEO Murray Auchincloss.
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Oil prices have slid around 3% today, with the selloff sparked by on Axios headline suggesting a deal between Israel and Hezbollah has been reached.

  • Brent JAN 25 down 2.8% at 73.09$/bbl
  • WTI JAN 25 down 3.1% at 69.06$/bbl
  • Axios reports that according to an unnamed senior US official, Israel and Hezbollah have come to an agreement on a ceasefire deal that will lead to a cessation of hostilities in Lebanon.
  • The market awaits signs of OPEC’s output plans for 2025 after previous attempts to try and bring barrels back to the market during Q4 were delayed.
  • OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday, Azerbaijan's Energy Minister Parviz Shahbazov told Reuters
  • Trumps administration will roll out a wide-ranging package of energy related policies within days of office according to Reuters sources.
  • Money managers increased net long crude positions last week but with data showing an increase in Brent partly offset by a dip in WTI.
  • China has released an additional crude oil import quota of at least 5.84 million metric tons (116,800 bpd) to independent refiners for cargoes arriving by end-2024 and in early 2025, according to Reuters sources.
  • Kazakhstan oil production is expected to fall to 88.4m tons in 2024 according to Energy Minister Almassadam Satkaliyev cited by Bloomberg
  • BP anticipates strong US growth and expects regulatory improvements under the Trump presidency, according to CEO Murray Auchincloss.