Oil Summary at European Close: Crude Remains Volatile

Oil prices have reversed their earlier gains moving to near rangebound on the day. The market continues to be suffering high volatility as it digests the OPEC+ planned cuts and data out of China showing crude imports in November fell to the lowest level since April.

• Brent FEB 24 up 0.1% at 74.36$/bbl
• WTI JAN 24 up 0.3% at 69.56$/bbl
• Chinese crude oil imports fell to 42.45mn tons in November, down from 48.97mn tons in October and the lowest monthly level since April, customs data showed.
• Venezuela’s PDVSA is in advanced talks with Eni and Repsol to renew oil terms in the country but also with an eye on gas according to Bloomberg sources.
• Venezuela has given oil producers in Guyana 90 days to cease operations in the disputed Essequibo province and its waters, according to Argus.
• Indian state-owned refineries look set to join Indian private refineries in buying Venezuelan oil now that US sanctions have temporarily eased.
• Russian Urals crude has fallen back below the G7 price cap of $60/bbl for the first time since July, driven by weakness in global oil benchmark prices, according to Argus Media, cited by Bloomberg.
• Kazakhstan plans to increase exports of its KEBCO oil via Russia by 14% on the month in December according to traders, and LSEG and shipping agent data.
• Russia’s crude production cuts fell short of commitments in November according to Bloomberg calculations.
• Oil traders expect to export at least 8m bbl of North Sea crude loadings for December to Asia due to an open arbitrage window, according to Bloomberg.
• The UK issued sanctions against four Emirati ship managers this week linked to 82 tankers involved in Russian oil trades out with the G7 price cap.