{"id":109956,"date":"2024-12-30T13:27:47","date_gmt":"2024-12-30T09:27:47","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=109956"},"modified":"2024-12-30T13:27:50","modified_gmt":"2024-12-30T09:27:50","slug":"oil-prices-dip-amid-thin-holiday-trade-eyes-on-u-s-and-china-data","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-prices-dip-amid-thin-holiday-trade-eyes-on-u-s-and-china-data\/12\/30\/market-updates\/","title":{"rendered":"Oil Prices Dip Amid Thin Holiday Trade, Eyes on U.S. and China Data"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Oil prices edged lower on Monday in light holiday trading as markets awaited key economic data from China and the U.S., the world&#8217;s two largest oil consumers, to gauge future growth prospects.<\/p>\n\n\n\n<p><strong>Price Movement<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Brent crude futures<\/strong> slipped <strong>8 cents<\/strong> to <strong>$74.09<\/strong> a barrel by 0700 GMT, while the more actively traded March contract was down <strong>6 cents<\/strong> to <strong>$73.73<\/strong> a barrel.<\/li>\n\n\n\n<li><strong>West Texas Intermediate (WTI) crude<\/strong> fell <strong>5 cents<\/strong> to <strong>$70.55<\/strong> a barrel.<\/li>\n<\/ul>\n\n\n\n<p>Despite Monday&#8217;s dip, both contracts gained about <strong>1.4%<\/strong> last week, driven by an unexpected drawdown in U.S. crude inventories as refiners ramped up activity and holiday travel boosted fuel demand.<\/p>\n\n\n\n<p><strong>China\u2019s Role in Demand Optimism<\/strong><br>China\u2019s economic outlook remains a focal point for oil traders, with expectations of growth driven by recent stimulus measures. Authorities have committed to issuing a record <strong>3 trillion yuan ($411 billion)<\/strong> in special treasury bonds in 2025 to support economic expansion. Additionally, independent refiners have received <strong>152.49 million metric tons<\/strong> of crude oil import quotas for 2025, underscoring robust demand forecasts.<\/p>\n\n\n\n<p>Ryan Fitzmaurice, senior commodity strategist at Marex, highlighted that <strong>global oil consumption reached an all-time high in 2024<\/strong>, despite China&#8217;s underwhelming performance. He added, \u201cImproving Chinese economic data and lower interest rates globally should support oil consumption in 2025.\u201d<\/p>\n\n\n\n<p>The <strong>World Bank<\/strong> has also revised its growth forecasts for China for 2024 and 2025, though it cautioned about persistent challenges, including weak household confidence and headwinds in the property sector.<\/p>\n\n\n\n<p><strong>Upcoming Data Releases<\/strong><br>Investors are watching closely for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>China\u2019s PMI factory surveys<\/strong> due on Tuesday.<\/li>\n\n\n\n<li><strong>U.S. ISM survey<\/strong> for December, set for release on Friday.<\/li>\n<\/ul>\n\n\n\n<p>These indicators will provide insights into manufacturing activity and economic momentum in the two leading economies.<\/p>\n\n\n\n<p><strong>European Energy Dynamics<\/strong><br>In Europe, hopes of a new agreement for Russian gas transit through Ukraine have diminished. Russian President <strong>Vladimir Putin<\/strong> stated last week that time had run out to sign a deal this year. Analysts expect the loss of piped Russian gas to increase Europe&#8217;s reliance on <strong>liquefied natural gas (LNG)<\/strong> imports.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Outlook<\/h3>\n\n\n\n<p>With low global oil inventories heading into 2025, optimism for Chinese demand recovery, and supportive monetary policy in major economies, oil prices are expected to remain resilient despite near-term challenges. However, continued monitoring of economic data and geopolitical developments will be critical.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices edged lower on Monday in light holiday trading as markets awaited key economic data from China and the U.S., the world&#8217;s two largest oil consumers, to gauge future growth prospects. Price Movement Brent crude futures slipped 8 cents to $74.09 a barrel by 0700 GMT, while the more actively traded March contract was &hellip;<\/p>\n","protected":false},"author":9,"featured_media":60920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6885,6936,11014],"class_list":["post-109956","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-oil-prices","tag-us-crude-oil-inventories"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=109956"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109956\/revisions"}],"predecessor-version":[{"id":109958,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109956\/revisions\/109958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/60920"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=109956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=109956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=109956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}