A rally in the dollar index to a 2-week high weighed on energy prices. Crude prices extended their losses when stocks retreated, which curbed optimism about the economic outlook and energy demand
Increased OPEC crude output is bearish for oil prices. OPEC Dec crude production rose +150,000 bpd to 29.140 million bpd. OPEC+ on December 4 decided to keep the group's crude production targets unchanged for January, in line with expectations. OPEC+ will meet again on February 1 to discuss its production targets.
In a bearish factor, Vortexa reported Monday that the amount of crude stored on tankers that have been stationary for at least a week rose +11% w/w to 98.50 million bbls in the week ended December 30.
Increased OPEC crude output is bearish for oil prices. OPEC Dec crude production rose +150,000 bpd to 29.140 million bpd. OPEC+ on December 4 decided to keep the group's crude production targets unchanged for January, in line with expectations. OPEC+ will meet again on February 1 to discuss its production targets.
In a bearish factor, Vortexa reported Monday that the amount of crude stored on tankers that have been stationary for at least a week rose +11% w/w to 98.50 million bbls in the week ended December 30.