Oil prices set for biggest yearly rise since 2016 GlobeBusiness
The volume of trade remained low as many market participants were away for year-end holidays.Brent has gained about 23 per cent in 2019 and WTI has risen 34 per cent. Both benchmarks are set for their biggest yearly gains in three years, backed by a breakthrough in U.S.-China trade talks and output cuts pledged by the Organization of the Petroleum Exporting Countries and its allies.
China’s Purchasing Managers’ Index , an index showing economic trends in the manufacturing and service sectors, was unchanged at 50.2 in December from November, but still remained above the 50-point mark that separates growth from contraction. Security guards inside the U.S. embassy fired stun grenades at protesters and the U.S. ambassador and other staff were evacuated due to security concerns. The U.S. strikes could pull Iraq further into the heart of a proxy conflict between the United States and Iran.
“That said, we need to see if the latest protests spread also in the south of the country, where most of the crude is exported.”Looking ahead, U.S. crude inventories are expected to fall by about 3.2 million barrels in the week to Dec. 27, potentially its third consecutive weekly decline, a preliminary Reuters poll showed on Monday.
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