Oil Prices Rebound Ahead of Holidays
As the holiday season approaches, oil prices are making a comeback, with Brent crude rising 0.65% to $72.79 a barrel and WTI increasing 0.7% to $69.74 a barrel. Despite a stronger U.S. dollar and low trading volumes, crude is regaining some of the ground lost in Monday’s session.
A Cautious Market
The market remains cautious, with Brent down 0.5% on a weekly basis and WTI up a modest 0.2%. This narrow trading range is expected to continue over the Christmas period, as investors await a clearer outlook for 2025 before making significant moves.
Eyes on Upcoming Economic Data
Traders are now focused on the upcoming U.S. initial jobless claim print, scheduled for Thursday, which could provide a much-needed catalyst for the market. Additionally, the start of the new year and the inauguration of President-elect Donald Trump on January 20 are expected to bring fresh momentum to the oil market.
A Period of Stability
As the year comes to a close, oil prices are likely to remain stable, with investors taking a wait-and-see approach. However, with the new year just around the corner, market participants are bracing themselves for potential changes that could impact the oil market in 2025.
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