Oil is on the right track to achieve its largest annual gain\nsince 2016 as fears of oversupply decreased with the drop in US crude oil\ninventories, and high geopolitical risks led to higher oil prices.<\/p>\n\n\n\n
Futures rose 1% on the New York Stock Exchange after closing\nat the highest level since September last Friday. As US crude supplies fell by\n5.47 million barrels in the week ending December 20, for a third consecutive\ndecline, according to data released on Friday. On Monday, Iran seized a fuel\ntanker in the Strait of Hormuz, while on Sunday, the United States launched air\nstrikes on five Iranian-backed bases in Iraq and Syria, adding to fears of\ngeopolitical risks that began to return to the image again.<\/p>\n\n\n\n
Analysts believe that oil is supported by the significant\ndecline in last week’s inventory numbers of US crude oil, and some geopolitical\nrisk factors are rising during the weekend and this morning, in addition to the\nweakening of the dollar.<\/p>\n\n\n\n
Oil is preparing for its best year in three years, after a\nbreakthrough in trade talks between the United States and China and a\ncommitment by the Organization of Petroleum Exporting Countries and its allies\nto deepen production cuts and raise prices. Hedge funds remain optimistic about\ncrude, adding to the bullish bet on Brent oil to a seven-month high, despite\nstatements from Russia that OPEC+ will discuss ending supply restrictions next\nyear.<\/p>\n\n\n\n
Mid-West Texas Intermediate for delivery in February rose 25\ncents to $61.97 a barrel on the New York Mercantile Exchange, and prices were\nset for the largest monthly gain since January.<\/p>\n\n\n\n
Brent crude for the February settlement added 51 cents, or\n0.75%, to $68.67 a barrel on the London Futures Exchange in Europe. The world\nbenchmark was trading at a price above $6.71 to WTI.<\/p>\n\n\n\n
While concerns remain about the increase in production from\nnon-OPEC countries including the United States and Brazil, some of these\nconcerns were faced with a decrease in US crude stocks to the lowest level in\ntwo months. The drop came despite the first drop in exports since late\nNovember, according to the Energy Information Administration data on Friday.\nHowever, gasoline inventories rose for the seventh week to the highest since\nmid-March.<\/p>\n\n\n\n
Crude oil parities and positive market sentiment have been\nsupportive of prices in recent weeks. On the other hand, market participants\ndiscuss the growing tensions in Iraq and Libya, but on the other hand,\nproduction has not been affected by these tensions, according to what analysts\nsee in the oil markets.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil is on the right track to achieve its largest annual gain since 2016 as fears of oversupply decreased with the drop in US crude oil inventories, and high geopolitical risks led to higher oil […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[84,71,154,42,36,34,145,114,127,41,44,43,72,10,58,57,70,47,86,31,18,80,45,46,109,85,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1549"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1549"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1549\/revisions"}],"predecessor-version":[{"id":1551,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1549\/revisions\/1551"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1550"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}