Oil Prices Risen In Pre-Holiday Session – Invest Chronicle
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Oil Prices Risen In Pre-Holiday Session

Trading on the ICE and CME platforms was not held on Friday 25 December on the occasion of the celebration of Christmas. On the eve of oil futures, the price added about 0.3 percent, continuing to respond to data released by the EIA a day earlier on the decline in oil reserves in the United States. The conclusion of a trade agreement between the European Union and the United Kingdom after Brexit was an additional plus.

Following the trading results on December 24, February crude oil futures for Brent added 0.25 percent and closed at $51.37, February crude oil futures for WTI rose by 0.37 percent to $48.30.

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The pre-holiday session turned out to be very calm: worries about the pandemic faded into the background, and optimistic data on the reduction of stocks of oil and petroleum products in the United States, published a day earlier by the EIA, continued to be recorded by market participants.

Crude oil inventories decreased by 0.562 million barrels for the week ended December 18, compared to a decrease of 3.135 million barrels a week earlier, which, however, was worse than the estimate of -3.186 million barrels, but better than the API reports, which showed a rise of 2.7 million barrels.

In the stocks of distillates and gasoline, a decrease was also reported, which turned out to be much unexpected.

Further good news for financial platforms, including the energy sector, was the fruitful culmination of talks between the European Union and the United Kingdom and the conclusion of the post-Brexit trade pact. This will avoid the disruption of main relations between the EU and the United Kingdom, according to the president of the European Commission, Ursula von der Leyen, and ensure equal access to the common market and balanced conditions for fishing. The new deal allows for the protection of free trade, visa-free inter-jurisdictional travel, balanced access to maritime resources and the opportunity to coordinate fines.

Volatility and trade levels on the oil market are likely to begin to fall on the New Year’s Eve in the absence of any unforeseeable surprises, and the return to full-fledged activity is predicted after the holidays of the New Year.

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