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Oil Prices Ease As Pipeline Partially Reopens

OIL

MNI (Australia) - Oil prices are down around 0.8% during the session but they have been trading in a range of around a dollar. The partial reopening of the Keystone pipeline in North America weighed on crude after it rallied over the week. WTI is currently trading around $76.60/bbl and Brent $82.10.

  • Prices are now below the resistance levels they broke through during the NY session.
  • The reopening of Keystone helped to ease supply concerns in the market. The demand outlook continues to be influenced by the offsetting factors of a tightening Fed and China reopening its economy.
  • The International Energy Agency said in its report yesterday that prices may rise in 2023 as sanctions impact Russian supply and demand improves. But it expects demand in early 2023 to be muted.
  • In the US, retail sales data print for November and are expected to moderate from the October gains. There are also jobless claims and the Philly and NY Fed surveys. A number of European central banks meet with the focus on the ECB and BoE.
Energy BulletsCommodities
Energy BulletsCommodities

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