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OIL: Oil Summary at European Close: Crude Falls

OIL
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Crude is losing ground today, with pressure from a stronger USD dollar as the market quietens down towards the Christmas period.

  • Brent FEB 25 down 1.2% at 72.1$/bbl
  • WTI FEB 25 down 1% at 68.74$/bbl
  • Roi Kais at Kan reporting on X, per Saudi-owned Al-Sharq TV channel, that "there is significant progress," toward a ceasefire-for-hostage deal, "but there are still issues in dispute."
  • Hungary is again receiving oil through the Druzhba pipeline from Russia, Hungarian Foreign Minister Peter Szijjarto said on Sunday. Shipments resumed on Saturday, according to Belarus' BelTa state news agency.
  • Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal on Sunday.
  • Trump on Friday urged the European Union to increase U.S. oil and gas imports or face tariffs on the bloc's exports.
  • Mexico is continuing its fall in oil production, amid pressure from the reduction in extraction from Pemex, according to Bloomberg.
  • India's crude oil imports fell to 19.07 million metric tons in November, 3.2% down m/m according to PPAC data.
  • Macquarie analysts projected growing supply surplus for next year, which will weigh down Brent prices to an average at $70.50/bbl, from this year's average of $79.64/bbl, they said in a December report.
  • Global crude held stationery for at least 7-days on tankers rose to 70.20mn bbls as of December 20 according to Vortexa, up 7% w/w.
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Crude is losing ground today, with pressure from a stronger USD dollar as the market quietens down towards the Christmas period.

  • Brent FEB 25 down 1.2% at 72.1$/bbl
  • WTI FEB 25 down 1% at 68.74$/bbl
  • Roi Kais at Kan reporting on X, per Saudi-owned Al-Sharq TV channel, that "there is significant progress," toward a ceasefire-for-hostage deal, "but there are still issues in dispute."
  • Hungary is again receiving oil through the Druzhba pipeline from Russia, Hungarian Foreign Minister Peter Szijjarto said on Sunday. Shipments resumed on Saturday, according to Belarus' BelTa state news agency.
  • Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal on Sunday.
  • Trump on Friday urged the European Union to increase U.S. oil and gas imports or face tariffs on the bloc's exports.
  • Mexico is continuing its fall in oil production, amid pressure from the reduction in extraction from Pemex, according to Bloomberg.
  • India's crude oil imports fell to 19.07 million metric tons in November, 3.2% down m/m according to PPAC data.
  • Macquarie analysts projected growing supply surplus for next year, which will weigh down Brent prices to an average at $70.50/bbl, from this year's average of $79.64/bbl, they said in a December report.
  • Global crude held stationery for at least 7-days on tankers rose to 70.20mn bbls as of December 20 according to Vortexa, up 7% w/w.