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
Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand. Brent crude...
Oil prices were little changed on Friday (August 1st) and headed for weekly gains as investors weighed the impact of further import tariffs imposed by US President Donald Trump and the threat of sanct...
Oil prices were little changed on Friday (August 1st) and headed for weekly gains, as investors weighed the impact of further tariffs and sanctions from US President Donald Trump. Brent crude futures...
Oil is on track for the biggest weekly gain since mid-June after President Donald Trump ramped up pressure on Russia, as the market braced for the fallout from US tariffs that take effect on Frid...
Oil prices declined on Thursday as U.S. President Donald Trump's August 1 tariff deadline loomed over investors, with uncertainty surrounding countries yet to negotiate a trade deal with the U.S. Bre...
The Australian Dollar (AUD) remains under pressure against the US Dollar (USD) on Friday, giving back most of its earlier gains despite broad weakness in the Greenback following a disappointing Nonfarm Payrolls (NFP) data. The AUD/USD initially...
Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand. Brent crude futures settled at $69.67 a barrel, down $2.03,...
The yen has suffered a difficult month, but BCA Research thinks the Japanese currency is primed for a multi-year rally. At 08:30 ET (12:30 GMT), USD/JPY traded 0.2% lower at Y150.49, having earlier in the session climbed as high as Y150.91, the...
US non-farm payrolls rose by 73,000 in July 2025, after being revised down by 14,000 in June and well below the 110,000 estimate. The upward trend...
The STOXX 50 dropped 1.1% and the STOXX 600 declined 0.8% on the first trading day of August, which coincided with the deadline for countries to...
U.S. President Donald Trump has imposed a 19% tariff on exports from Malaysia to the U.S., lower than the 25% rate he initially threatened in July....
The European stock markets closed sharply lower in Friday trading as The Stoxx Europe 600 fell 1.8%, Germany's DAX dropped 2.5%, the FTSE 100 was...