The price of WTI crude oil is settling at $69.16. That is up $2.14 or 3.19%.
Of interest is the January contract price traders briefly above the December price for the 1st time since February.
Bullish Factors:
- Geopolitical Tensions:
- U.S. approval for Ukraine to use long-range missiles inside Russia raises conflict risks.
- North Korea may send 100,000 troops to aid Russia in Ukraine, increasing direct involvement.
- Iranian leader Ayatollah Ali Khamenei warns of a “crushing response” to Israel, raising concerns over Middle East crude supply disruptions..
Bearish Factors:
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Weak Chinese Demand:
- China’s October oil demand fell -5.4% y/y to 14.07 million bpd, with Jan-Oct demand down -4.03% y/y to 14.00 million bpd.
This article was written by Greg Michalowski at www.forexlive.com.
