“Oil prices rose on Tuesday thanks to somewhat positive forecasts for the market in the short term and strong economic data from the United States, despite reduced trading volume ahead of the Christmas holidays.”, — write: epravda.com.ua
Oil prices rose on Tuesday due to somewhat positive forecasts for the market in the short term and strong economic data from the United States, despite the reduced volume of trading ahead of the Christmas holidays. This was reported by the Reuters agency. Brent oil futures rose by 33 cents (or 0 .5%) to $72.96 per barrel, and West Texas Intermediate (WTI) crude oil futures rose by 29 cents (or 0.4%) to $69.53 a barrel.Advertisement: FGE analysts said they expect oil prices to fluctuate within current levels in the near term as activity in paper markets eases due to the holiday season and market participants remain aside until they have a clear picture of the global oil balance for 2024 and 2025. Changes in supply and demand in December, the analysts said, supported their less bearish outlook. “Given the short positions in the paper market, any disruption in supply could cause prices to rise sharply,” they added.Advertisement: Some other analysts also point out on signs of a positive forecast for the oil market in the coming months.” The year ends with differences in the forecasts of the main agencies regarding the long-term balance of liquid energy carriers in 2025,” Neal Crosby, vice president of petroleum analytics at Sparta Commodities, noted in a note. “Recently, in its Short-Term Energy Outlook (STEO), the Energy Information Administration (EIA) changed its forecast for 2025 from a surplus to a deficit, despite the recovery some volumes of OPEC+ oil next year”. A strong economic outlook for the US, the world’s largest oil consumer, is also supporting prices. New orders for key U.S. capital goods rose sharply in November amid strong demand for cars, while new home sales also rebounded, signaling a solid year-end U.S. economic outlook. In the short-term, traders are awaiting US demand data, including information on crude oil and fuel inventories, which will be released later on Tuesday by the American Petroleum Institute (API).