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Oil Prices Trend Higher On Positive Economic News From China

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MNI (Australia) - China optimism and global pessimism continue to pull oil prices in opposite directions. During the the APAC session, they have been trending up, as the USD softened and Chinese economic data exceeded expectations. WTI is currently up 0.7% to around $79.30/bbl, close to its intraday high of $79.39. Brent is up only 0.2% to about $84.60, also close to its intraday high of $84.81.

  • The short-term bull trend remains in place for WTI. If it continues, then $81.50 could open up, the January 3 high and bull trigger. The key level for Brent is $87.00.
  • Today OPEC publishes its monthly oil market report, which should help to quantify the demand and supply outlook. Last week Russian exports rose 30%, its highest since April 2022, with India the biggest customer. However, on February 5 the G7, including the EU, plans to cap the price of Russian fuel exports.(ANZ)
  • There is no data scheduled in the US today but the Canadian December CPI is released. Later there is also UK labour market data. On Wednesday, the BoJ meets and US December retail sales & PPI print.
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MNI (Australia) - China optimism and global pessimism continue to pull oil prices in opposite directions. During the the APAC session, they have been trending up, as the USD softened and Chinese economic data exceeded expectations. WTI is currently up 0.7% to around $79.30/bbl, close to its intraday high of $79.39. Brent is up only 0.2% to about $84.60, also close to its intraday high of $84.81.

  • The short-term bull trend remains in place for WTI. If it continues, then $81.50 could open up, the January 3 high and bull trigger. The key level for Brent is $87.00.
  • Today OPEC publishes its monthly oil market report, which should help to quantify the demand and supply outlook. Last week Russian exports rose 30%, its highest since April 2022, with India the biggest customer. However, on February 5 the G7, including the EU, plans to cap the price of Russian fuel exports.(ANZ)
  • There is no data scheduled in the US today but the Canadian December CPI is released. Later there is also UK labour market data. On Wednesday, the BoJ meets and US December retail sales & PPI print.