#Brent #CrudeOil Hovers at $79 in Holiday (26 Dec 2023)

Posted by Clara Mellor on 02:59 with No comments

Brent crude futures steadied near $79 per barrel on Tuesday after posting the largest weekly gain in over two months, though trading volume is expected to remain thin amid ongoing holidays in some markets.

Investors continued to monitor geopolitical developments in the Middle East as recent Houthi attacks on ships disrupted global trade. Meanwhile, Denmark’s Maersk said on Sunday it was preparing to resume operations on the Red Sea and the Gulf of Aden as a multinational maritime task force was formed to protect commercial vessels in the area. Elsewhere, OPEC member countries were quick to reaffirm their commitment to output policy following Angola’s exit from the producer group on Friday due to disagreements over quotas.

On the demand side, further signs of easing US inflation reinforced expectations that the Federal Reserve will start cutting interest rates next year, bolstering the global growth and energy demand outlook.



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