Oil prices steady in run-up to Christmas


Brent crude futures were trading at $47.58 per barrel at 0041 GMT, down 43 cents, or 0.9 percent, from their last settlement. U.S. West Texas Intermediate futures were down 50 cents, or 1.1 percent, at $45.38 a barrel. Traders said the price falls on Monday and Friday were a result of increasing oil drilling activity in the United States, which indicated that producers can operate profitably around current levels.

SINGAPORE: Oil prices moved very little on Tuesday, with liquidity fading in the run-up to the Christmas weekend.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $52.11 per barrel at 0035 GMT, virtually unchanged from their last settlement.

International Brent crude oil futures were yet to trade.

Traders and analysts said there were no fundamentals available to drive large price swings, and that markets would likely remain tepid this week.

"With little data due, prices are likely to drift aimlessly in today's session," ANZ bank said on Tuesday.

Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore said that "a light news week and the run in to the holiday season" was keeping markets quiet.- Reuters

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

oil , price , Brent , West Texas , stocks , shares , Christmas , gas ,

   

Next In Business News

Radium’s net profit up to RM4.8mil in 3Q
7-Eleven’s quarterly revenue climbs
SimeProp seeks quality assets for recurring income
Lower interest costs buoy TSH nine-month showing
Zetrix a profit driver for MyEG Services
NFO segment to sustain Sports Toto’s earnings
Thong Guan spreading its wings to Europe, America
Hap Seng bottom line in four-fold rise
Mixed views on PetChem on higher interest expense
No new impetus seen for JETP under Trump

Others Also Read