Oil prices fell likely due to a technical correction and weak global economic news, but remain supported by cold weather forecasts and concerns about Russian and Iranian supplies.
Brent crude fell 0.4% to $75.96 per barrel, while West Texas Intermediate crude fell 0.5% to $73.16 per barrel. Both benchmarks settled lower on Monday, ending a five-session winning streak after US manufactured goods orders fell in November and German inflation rose above the European Central Bank’s target.
“The rise in crude oil prices appears to be losing momentum,” ING analysts said in a note. “Although there is some tightening in the physical market, fundamentals through 2025 remain comfortable, which should limit the upside.”
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