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OIL: Oil Prices Find Support on Tuesday Helped by China Optimism

OIL
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Oil prices have found some strength on Tuesday supported by more positive data out of China as it released its manufacturing data.

  • Brent MAR 25 up 0.8% at 74.59$/bbl
  • WTI FEB 25 up 0.9% at 71.66$/bbl
  • China's manufacturing activity expanded for a third straight month in December but at a slower pace. The official PMI was 50.1 in December versus 50.3 in November, above the 50-mark separating growth from contraction.
  • Oil prices are likely to be constrained near $70/bbl in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a Reuters monthly poll showed on Tuesday.
  • Nigeria said it is targeting national production of 3 mn bpd next year, up from its current level of around 1.8 mn bpd.
  • Markets await Trump plans for energy policies ranging from sanctions to tariffs and domestic energy production.
  • Crude front month futures are gaining ground today but still within the range since mid October amid thin trading. Concern for a potential surplus in 2025 is weighed with uncertainty over the impact of the Trump presidency on US and Iran output.
  • China has set the fuel oil import quota for non-state-owned firms at 20m metric tons for 2025, unchanged from 2024 according to the commerce ministry on Tuesday.
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Oil prices have found some strength on Tuesday supported by more positive data out of China as it released its manufacturing data.

  • Brent MAR 25 up 0.8% at 74.59$/bbl
  • WTI FEB 25 up 0.9% at 71.66$/bbl
  • China's manufacturing activity expanded for a third straight month in December but at a slower pace. The official PMI was 50.1 in December versus 50.3 in November, above the 50-mark separating growth from contraction.
  • Oil prices are likely to be constrained near $70/bbl in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a Reuters monthly poll showed on Tuesday.
  • Nigeria said it is targeting national production of 3 mn bpd next year, up from its current level of around 1.8 mn bpd.
  • Markets await Trump plans for energy policies ranging from sanctions to tariffs and domestic energy production.
  • Crude front month futures are gaining ground today but still within the range since mid October amid thin trading. Concern for a potential surplus in 2025 is weighed with uncertainty over the impact of the Trump presidency on US and Iran output.
  • China has set the fuel oil import quota for non-state-owned firms at 20m metric tons for 2025, unchanged from 2024 according to the commerce ministry on Tuesday.