Oil Heads for Moderate 2024 Decline
Oil prices were steady in quiet holiday trade, heading for a modest annual decline as the market braces for a global surplus in 2025.
Brent futures traded near $74 a barrel, having initially risen after factory activity rose for a third month in China—a further sign that a series of stimulus measures have fueled a tentative recovery.
But those gains eased as the dollar strengthened, dampening the appeal of commodities, and focus shifted back to the challenges ahead.
Beijing faces the threat of a new trade war from the incoming Trump administration, and the International Energy Agency expects the global crude market to be in surplus in the first quarter.
Source: Bloomberg