HOUSTON: Oil prices were steady after hitting a three-week high on Tuesday (Dec 27) as restarts at some US energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its Covid-19 restrictions.
Brent crude was up 41 cents, or 0.5%, at US$84.33 (RM372.99) a barrel, while US West Texas Intermediate crude settled 3 cents lower at US$79.53 (RM351.76) per barrel.
Both benchmarks hit their highest level since Dec 5 earlier in the session. UK and US markets were closed on Monday for the Christmas holiday.
Refineries along the Gulf Coast began to resume operations and ramp up production after an Arctic blast sent temperatures well below freezing and led to power, instrumentation and steam losses at facilities along the US Gulf Coast.
The cold also cut oil and gas production from North Dakota to Texas.
Output of about 450,000-500,000 barrels of oil per day was curtailed over the Christmas weekend in the Bakken oilfields, the North Dakota Pipeline Authority said, adding that operators were working quickly to restore lost production.
“The US weather is forecast to improve this week, which means the rally may not last too long,” said Kazuhiko Saito, chief analyst at Fujitomi Securities.
China will stop requiring inbound travellers to go into quarantine, starting Jan 8, the National Health Commission said on Monday in a major step towards easing curbs on borders that have been largely shut since 2020.
“This is certainly something that traders and investors have been hoping for,” Avatrade analyst Naeem Aslam said.
Russian President Vladimir Putin on Tuesday signed a decree that bans the supply of oil and oil products to nations participating in the price cap from Feb 1 for five months. Concern over a possible production cut by Russia also provided price support.
Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday. – Reuters
Source: The Sun Daily
A word from our sponsor:
Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com
Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving
Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog
Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101
Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy
No comments:
Post a Comment