Oil rose in thin holiday trade, supported by a rally in equities and the rise of President-elect Donald Trump in international politics.
Brent traded near $73 a barrel after falling slightly on Monday. European and Asian stocks rose after a Wall Street rally led by large-cap technology stocks. However, the dollar held near a two-year high, dampening the appeal of commodities.
Trump has threatened to seize the Panama Canal, as well as impose tighter sanctions on Iran and tariffs on China that could affect the global oil balance.
"The festive season seems a little different from Donald Trump, with the market once again wondering how much of what Trump says will actually be followed through," said Yeap Jun Rong, market strategist for IG Asia Pte. "A quiet calendar for the last two weeks of December will likely keep oil prices steady." Crude has remained in a tight range since mid-October, with geopolitical uncertainty weighing on sluggish demand in top importer China and expectations of ample supply from the U.S. OPEC and its allies will also begin winding down production cuts in 2025.
Trading volumes were down on Monday and likely to remain low as markets were closed for the year-end holidays. Nearly 700,000 Brent contracts were traded across the curve on Monday, about two-thirds of the average this year.
Source: Bloomberg
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