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.

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.

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