Oil Summary at European Close: Crude Loses Ground

Oil relinquished its gains but is set for a marginal rise on the start of the week. Initial choppy trading was sparked earlier as Fed Williams poured cold water on US rate cuts. Headlines of potential covid variants appearing in China have added further downside on the day.

• Brent FEB 24 down -0.3% at 76.36$/bbl
• WTI JAN 24 down -0.4% at 71.28$/bbl
• Maersk instructed any of its ships to halt their voyages en route for the southern entrance of the Red Sea, following an attack on one of its vessels, and several attacks on other ships this week, the firm said in a statement, cited by Bloomberg.
• Iraq is studying a change in its federal budget which would allow the resumption of oil exports via the Ceyhan pipeline.
• Indian oil minister Hardeep Singh Puri reaffirmed his nations intent to buy Venezuelan oil Friday now that US sanctions have eased.
• Trans Mountain Corp has asked the Canda Energy Regulator to reverse its pipeline variance request denial – warning it could lead to a two-year delay.
• Global oil demand in December is estimated at 102.2mbpd, with year-to-date oil demand tracking a 1.8mbpd growth, JP Morgan said in a note.
• Oil exports from the CPC terminal are set to decline to 5.4mn tons in January, down from 5.6mn tons the December plan, two industry sources told Reuters.
• Russia has suspended about two thirds of its Urals oil loading from seaports because of weather issues and scheduled maintenance according to Reuters sources and LSEG data.
• Mexico’s Pemex intends to reduce exports of most oil grades from the country next year to gear up supply for its delayed Dos Bocas refinery according to Bloomberg sources.