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Oil Prices Supported By China Quarantine Easing, May End 2022 Higher

OIL

MNI (Australia) - Oil prices have been trading in a tight range during the session and are up just 0.1% after rising solidly on Tuesday. WTI is around $79.60/bbl and is just under the 50-day simple MA after a high of $79.92. It is currently above where it began 2022. Brent is about $84.40 after a high of $84.76 earlier.

  • Oil markets have been supported by the announcement that arrivals into China will no longer have to quarantine. Increased international travel will boost oil demand.
  • Russia has banned exports of crude to nations participating in the oil price cap from February 1, as threatened at the start of December, but it has avoided more extreme measures such as a minimum price.
  • Oil and gas production in north America has been impacted by the severe winter storms.
  • There is US API and EIA inventory data later today as well as the Richmond Fed index and pending home sales. The FOMC minutes and the US ISM on January 4 are likely to be the next items of focus.
Energy BulletsCommodities
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