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OIL: Oil Prices Remain Firmly in Range

OIL
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Oil nudges higher in a  thin pre-holiday trading session remaining around the middle of its December range supported by more positive factors out of the U.S.

  • Brent FEB 25 up 0.5% at 72.98$/bbl
  • WTI FEB 25 up 0.5% at 69.56$/bbl
  • Crude has remained in a tight range since the middle of October, with geopolitical uncertainty weighing against lackluster demand in China and expectations for ample supply from the Americas. OPEC and its allies have also shown intent to keep extending production returns.
  • New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery, while new home sales also rebounded, in a sign that the U.S. economy is on a solid footing towards the year-end.
  • Stockpiles data from the API out later on Tuesday offer an indication into U.S. stockpiles. A draw in the EIA report last week supported crude price strength.
  • Analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to Dec. 20 . The EIA is due to release its data on Friday.
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Oil nudges higher in a  thin pre-holiday trading session remaining around the middle of its December range supported by more positive factors out of the U.S.

  • Brent FEB 25 up 0.5% at 72.98$/bbl
  • WTI FEB 25 up 0.5% at 69.56$/bbl
  • Crude has remained in a tight range since the middle of October, with geopolitical uncertainty weighing against lackluster demand in China and expectations for ample supply from the Americas. OPEC and its allies have also shown intent to keep extending production returns.
  • New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery, while new home sales also rebounded, in a sign that the U.S. economy is on a solid footing towards the year-end.
  • Stockpiles data from the API out later on Tuesday offer an indication into U.S. stockpiles. A draw in the EIA report last week supported crude price strength.
  • Analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to Dec. 20 . The EIA is due to release its data on Friday.