Crude oil prices were slightly upward on December 2, bolstered by the expansion in the manufacturing sector and economic expansion in China. Brent crude futures increased by 0.1 percent, or 8 cents, reaching $71.92 per barrel. Similarly, US West Texas Intermediate (WTI) rose by 9 cents, or 0.1 percent, to $68.09 per barrel.
Another major factor contributing to the price hike was Israel’s attack on Lebanon, despite a ceasefire agreement that was majorly brokered by the United States. Last week, both benchmarks fell by more than 3 percent, as concerns eased over supply risks from the Israel-Hezbollah conflict and forecasts suggested surplus supply in 2025, even as OPEC+ is expected to extend output cuts.
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Oil prices climbed after a survey revealed that China’s factory activity grew slightly for the second consecutive month in November. This growth indicates that government stimulus measures are beginning to take effect, just as Donald Trump intensifies his trade threats.
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Rahul Kalantri, VP Commodities, Mehta Equities said, “Crude oil exhibited significant volatility, retreating from recent highs due to easing supply concerns following the ceasefire between Israel and Hamas. Additionally, prices fell after U.S. President-elect Donald Trump announced plans to impose a 10 per cent tariff on China. Last week’s U.S. economic data was mixed, offering little support to oil prices.”
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He further said, “However, a weaker dollar index and U.S. bond yields helped stabilize crude oil at lower levels. The postponement of the OPEC+ meeting from 1st December to 5th December also provided some support to oil prices. We anticipate that crude oil prices will remain volatile in today’s session. Key support levels for crude oil are at $67.80-67.45, with resistance at $68.65-69.25. In INR terms, support is at Rs 5,755-5,700, while resistance lies at Rs 5,870-5,940.”
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