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Crude Oil Demonstrates Small Losses as Traders Prepare for Holidays

December 23, 2016 at 16:57 by Vladimir Vyun

Futures for crude oil fell today as traders were booking profits ahead of Christmas and New Year. Fundamentals were mixed, giving prices no incentive to go either up or down.

On the negative side, the unexpected build-up of US crude oil inventories hurt the commodity. Also hurting prices was news that Libya’s National Oil Corp plans to add 270,000 barrels per day to nation’s supply over the next three months after resuming operations in two major fields, Sharara and El Feel.

On the positive side, the deal about production cut announced by the Organization of Petroleum Exporting Countries continued to boost traders’ mood. Russia is going to join the output reduction as President Vladimir Putin announced on Friday. Some analysts are already speculating that prices may breach the $60 level.

February futures for delivery of WTI crude oil slipped 0.09% to $52.89 per barrel as of 16:40 GMT on NYMEX today. Brent crude was almost unchanged at $55.04 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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