Outside pressures have been the bane of oil price trading in contemporary times, and having fallen foul of moves in the big brother markets recently, oil regained composure with some micro-drivers of its own...
Happy New Year, All. When the last report of 2023 was published on December 22 the front-month settled at $79.07/bbl. Yesterday the European benchmark closed at $75.89/bbl suggesting a relatively uneventful festive period, but this assumption cannot be further away from the truth.
Oil concerns itself with the state of US production this morning and enters the day less buoyant than that of late. The news that the US is now the world's largest producer is backed up by an increase of production to 13.3 million barrels per day...
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