Oil Little Changed as Markets Weigh China Data, Fed Rate Cut
Oil prices were steady on Monday, as optimism around strong factory activity in China was largely offset by concerns that the U.S. Federal Reserve will not cut interest rates again at its December meeting.
Brent crude futures fell 1 cent, or 0.01%, to close at $71.83 a barrel, while U.S. West Texas Intermediate crude closed at $68.10 a barrel, up 10 cents, or 0.15%.
A private sector survey showed China’s factory activity expanded at the fastest pace in five months in November, boosting Chinese business optimism just as U.S. President-elect Donald Trump ramps up his trade threats.
Meanwhile, a ceasefire between Israel and Lebanon, which took effect last Wednesday, appeared increasingly fragile. Lebanese authorities said that at least two people were killed on Monday in Israeli strikes on southern Lebanon.
Israeli Prime Minister Benjamin Netanyahu said on Monday that Israel would respond “strongly” after the Iran-backed Lebanese armed group Hezbollah, citing repeated Israeli ceasefire violations, carried out a strike on an Israeli military position.
Source : Reuters
