Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Crude Oil Prices - Weekly Outlook: December 17 - 21

Published 16/12/2018, 11:58
Updated 16/12/2018, 12:07
© Reuters.

© Reuters.

Investing.com - Oil traders will stay fixated on global growth prospects in the week ahead, after prices got hammered last week by worries that the ongoing U.S.-China trade dispute will drag on global growth and, by extension, erode energy demand.

West Texas Intermediate crude tumbled $1.38, or roughly 2.6%, on Friday to settle at $51.20 a barrel by close of trade on the New York Mercantile Exchange.

For the week, WTI prices lost about 2.7%.

Meanwhile, the global benchmark, Brent crude for February delivery on the ICE (NYSE:ICE) Futures Europe exchange, sank $1.17, or 1.9%, to end at $60.28 a barrel.

It fell about 2.2% for the week.

With just about two weeks to the end of 2018, WTI remains down about 15% on the year and some 32% lower from four-year highs of nearly $77 per barrel hit in early October. Brent is down about 10% on the year and nearly 32% lower from four-year highs of nearly $87 per barrel hit two months ago.

Fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and whether output levels will continue to rise will capture the market's attention this week.

The Energy Information Administration (EIA) reported last week that domestic crude supplies declined by 1.2 million barrels, while domestic production had fallen from a record high of 11.7 million barrels per day (bpd) to 11.6 million bpd.

Offering a hint on U.S. production activity, Baker Hughes on Friday reported that the number of active domestic rigs drilling for oil fell by four to 873, the lowest since mid-October.

Ahead of the coming week, Investing.com has compiled a list of the main events likely to affect the oil market.

Tuesday, December 18

The American Petroleum Institute is to publish its weekly update on U.S. oil supplies.

Wednesday, December 19

The U.S. Energy Information Administration will release its weekly report on oil stockpiles.

Friday, December 21

{{0|Baker Hughes}} will release weekly data on the U.S. oil rig count.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.