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.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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.

Products

07 Jul 2026

EUROBOND Expands NABL Accreditation to 51 Testing Parameters

EUROBOND, the flagship brand of Euro Panel Products, has expanded the National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation of its in-house laboratory from 16 to 51 mechanical and chemical testing parameters, making it the only Indian aluminium composite panel (ACP) manufacturer with accreditation covering such an extensive testing scope.The expanded accreditation enables the company to independently test coils, coatings, cores, aluminium composite panels (ACP) and metal composite panels (MCP) in accordance with international standards, including IS, ASTM, ..

Real Estate

07 Jul 2026

Dubai Property Sales Rise as Rental Activity Hits Record High

Dubai's real estate market recorded its highest-ever monthly rental activity in June, while property sales rose sharply in both value and volume, reflecting sustained demand across the emirate's residential and commercial sectors.According to a market analysis by fäm Properties based on DXBinteract data, 40,022 rental contracts were registered during the month, the highest monthly total on record. New rental contracts increased 48.6 per cent year on year to 19,245, while renewals rose 28.5 per cent to 20,777.Property sales reached 13,933 transactions worth AED33.2 billion in June, representin..

Real Estate

07 Jul 2026

Isprava Partners Courtside to Launch Luxury Padel Experience

Luxury home developer Isprava has partnered with Courtside, Mumbai's first padel social club, to launch The Isprava Court, integrating its design-led lifestyle proposition with one of the city's emerging sporting destinations.Located on the rooftop of Atria Mall in Worli, Courtside spans 20,000 sq ft and combines padel, wellness, hospitality and community experiences. Since opening in February 2026, the venue has positioned itself as a social hub for sports and lifestyle enthusiasts.The Isprava Court features curated brand elements, including bespoke court branding, branded nets, towels and ac..