Oil struggled to hold onto the week’s modest rally as an improving economic picture sets the stage for further monetary tightening.
West Texas Intermediate trailed other markets lower, although tighter US crude supplies and the prospect of China’s comeback from lockdowns kept the declines in check. While participation in oil markets fell ahead of the Christmas holidays, liquidity has been low for much of this year, adding to volatility.
“Energy traders seem poised for the holidays as we’re not seeing any real exciting moves,” said Ed Moya, senior market analyst at OANDA. “The oil market’s biggest wild card is China and optimism is still strong that the reopening will continue and eventually lead to higher demand for crude.”
Still, oil is poised to end a volatile year slightly higher. Group of Seven sanctions on Russian flows and opportunities for OPEC and its allies to cut supply are driving prices higher.
Prices:
WTI for February delivery slipped 80 cents to trade at $77.49 a barrel on the New York Mercantile Exchange
Brent for February settlement fell $1.22 to $80.98 a barrel on the ICE Futures Europe exchange
(With Archie Hunter and Anthony Di Paola)
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