Oil hovers near peak
December 20, 2019
Oil prices hovered near three-month peaks yesterday, buoyed by falling US crude inventories and thawing trade relations between the United States and China. Brent crude futures were down 7 cents at $66.10 a barrel at 1321 GMT, after five straight days of gains. US West Texas Intermediate (WTI) crude fell 1 cent to $60,83 a barrel. The contract for January delivery expires today. Trading volume was thin before the Christmas holiday with news of President Donald Trump’s impeachment by the US House of Representatives failing to stir the oil market.
“A resilient performance in the coming two weeks will flip the monthly technical picture unreservedly positive for next year,” PVM oil market analysts said — Reuters.