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29 Dec 2023

WTI remains on the defensive above $72.00 amid the holiday season's thin trading

  • WTI prices trade in negative territory for the third consecutive day on Friday.
  • The concern about shipping disruptions due to tensions in the Red Sea has started to fade.
  • EIA reported that crude inventories fell by more than expected last week.

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $72.15 on Friday. The downtick in WTI prices is bolstered by the modest rebound of the US Dollar (USD) and easing concerns about supply disruptions.

Tensions in the Red Sea have started to fade as logistical operations have resumed in the area. Earlier this month, major shipping companies ceased using the Red Sea and the Suez Canal after Yemen's Houthi militant group began targeting vessels.

Data released from the American Petroleum Institute (API) weekly report on Wednesday revealed that US crude oil inventories increased by 1.837M barrels for the week ending December 23 from 0.939M barrels gain in the previous reading. Meanwhile, the US Energy Information Administration (EIA) reported that Crude inventories fell more than expected last week, dropping by 6.911M barrels compared with market expectations for a 2.704M barrels drop.

Nonetheless, the growing prospect of interest rate cuts in Europe and the US in 2024, exert some selling pressure on USD-denominated commodities and boost WTI prices. Market players anticipate the Federal Reserve (Fed) to start easing interest rates as early as March of next year.

Oil traders will monitor the Chicago Purchasing Managers' Index (PMI) for December, due later on Friday. Amid the holiday season's light trading, risk sentiment is likely to continue to influence WTI price movement.

 

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