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MTECHTIPS;-Crude Oil Prices - Weekly Outlook: December 24 - 28

Monday, December 24, 2018 6:36

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MTECHTIPS;-Crude Oil Prices – Weekly Outlook: December 24 – 28

MTECHTIPS-Oil traders will continue to fret over global crude supplies and the outlook for energy demand in the week ahead, after prices suffered the worst weekly performance in nearly three years last week. Trading volumes are expected to remain light during the week due to the Christmas holiday as many traders already closed books before the end of the year. A surprise climb in the U.S. rig count on Friday and a slump on Wall Street were all that were needed to seal a fourth day of losses of out five in crude. West Texas Intermediate crude declined 29 cents, or roughly 0.6%, on Friday to settle at $45.59 a barrel by close of trade on the New York Mercantile Exchange. WTI earlier fell to $45.13, its lowest intraday price since mid-July 2017. For the week, the U.S. benchmark lost about 11%, its steepest weekly drop since January 2016. Meanwhile, the global benchmark, Brent crude for February delivery on the ICE (NYSE:ICE) Futures Europe exchange, shed 53 cents, or around 1%, to end at $53.82 a barrel. Brent reached a 15½-month low at $52.79 earlier in the session. It tumbled about 10.7% for the week. Crude oil has lost over a third of its value since October in what has become one of the biggest declines since a price collapse in 2014, with surging supply and the specter of faltering demand scaring off investors

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