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WTI Nears 4% Rise

OIL

Crude prices are nearing a 4% rise on the day as a weaker US dollar and an upgraded demand outlook from the IEA bolster prices.

  • Crude has rebounded strongly since tumbling to a six-month low on Dec. 12.
  • WTI JAN 24 up 4% at 72.24$/bbl
  • WTI-Brent down -0.04$/bbl at -4.58$/bbl
  • WTI JAN 24-FEB 24 down -0.04$/bbl at -0.29$/bbl
  • WTI FEB 24-MAR 24 up 0.03$/bbl at -0.23$/bbl
  • Global oil demand growth forecast for 2024 has been revised up by 130kbpd to 1.1mbpd, while expectations for this year’s demand growth have been lowered as the weakening economic climate is slowing down oil demand growth, according to the IEA Monthly Oil Market Report.
  • Fed signals of rate cuts in 2024 in its announcement yesterday have also spurred oil markets over a weaker dollar and hopes of cheaper borrowing and higher economic activity.
  • Meanwhile, additional geopolitical concerns may be getting priced into crude amid several attempted attacks on tankers in the Red Sea, a key chokepoint of the Suez Canal, one of the world’s busiest trade routes.
Energy BulletsCommodities
Energy BulletsCommodities

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