Oil Prices Rise Amid Light Pre-Christmas Trading

26 Dec 2024 CW Team

Brent crude futures rose by 33 cents, or 0.45 per cent, to reach $72.95 per barrel, while US West Texas Intermediate (WTI) crude futures gained 29 cents, or 0.42 per cent, settling at $69.53 per barrel as of 0114 GMT.

Economic indicators in the United States highlighted a surge in new orders for key manufactured capital goods in November, driven by robust demand for machinery. Additionally, a rebound in new home sales suggested the US economy was on solid ground as the year approached its end. As the world's largest oil consumer, the US remains a key driver of oil demand.

In the near term, market participants focused on US demand signals, awaiting crude oil and fuel stockpile data from the American Petroleum Institute, set for release later in the day. Analysts surveyed by Reuters anticipated a decline in crude inventories by approximately 2 million barrels for the week ending December 20, reflecting strong demand. The Energy Information Administration is scheduled to publish its data.

Tony Sycamore, a market analyst at IG, noted that WTI crude oil had hovered just below $69.50 over the past three sessions, with market volatility diminishing ahead of the holiday period. He mentioned via email that he expected oil prices to remain confined to a narrow range around $69.50, potentially until Wall Street resumes trading on December 27.

Meanwhile, India's crude oil imports rose by 2.6 per cent year-on-year in November, reaching 19.07 million metric tonne, according to government data. This increase was fuelled by robust demand linked to heightened economic activity and travel.

In the Middle East, mediation efforts by Egypt, Qatar, and the United States to resolve the on-going conflict between Israel and Hamas have gained traction this month. Israeli and Palestinian officials indicated that gaps between the parties had narrowed, though significant differences still need resolution.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

Oil prices edged higher during light trading ahead of the Christmas Day holiday. The increase was attributed to positive US economic data and growing oil demand in India, the third-largest importer of oil globally. Brent crude futures rose by 33 cents, or 0.45 per cent, to reach $72.95 per barrel, while US West Texas Intermediate (WTI) crude futures gained 29 cents, or 0.42 per cent, settling at $69.53 per barrel as of 0114 GMT. Economic indicators in the United States highlighted a surge in new orders for key manufactured capital goods in November, driven by robust demand for machinery. Additionally, a rebound in new home sales suggested the US economy was on solid ground as the year approached its end. As the world's largest oil consumer, the US remains a key driver of oil demand. In the near term, market participants focused on US demand signals, awaiting crude oil and fuel stockpile data from the American Petroleum Institute, set for release later in the day. Analysts surveyed by Reuters anticipated a decline in crude inventories by approximately 2 million barrels for the week ending December 20, reflecting strong demand. The Energy Information Administration is scheduled to publish its data. Tony Sycamore, a market analyst at IG, noted that WTI crude oil had hovered just below $69.50 over the past three sessions, with market volatility diminishing ahead of the holiday period. He mentioned via email that he expected oil prices to remain confined to a narrow range around $69.50, potentially until Wall Street resumes trading on December 27. Meanwhile, India's crude oil imports rose by 2.6 per cent year-on-year in November, reaching 19.07 million metric tonne, according to government data. This increase was fuelled by robust demand linked to heightened economic activity and travel. In the Middle East, mediation efforts by Egypt, Qatar, and the United States to resolve the on-going conflict between Israel and Hamas have gained traction this month. Israeli and Palestinian officials indicated that gaps between the parties had narrowed, though significant differences still need resolution.

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Infrastructure Transport

05 Sep 2025

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Infrastructure Transport

05 Sep 2025

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..