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Oil prices
The world moved stable in trading Wednesday (12/11), after strengthening in the previous session amid hopes of an end to the closure (
shutdown
) longest reign of the United States (
US
).
Quote
Reuters
, the price of Brent crude oil futures edged down 8 cents or 0.12 percent to US$65.08 per barrel, after rising 1.7 percent in Tuesday’s trading.
Meanwhile, US West Texas Intermediate (WTI) crude oil futures weakened 7 cents or 0.11 percent to US$60.97 per barrel, after strengthening 1.5 percent in the previous session.
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The price increase at the start of the week was triggered by expectations that the reopening of the US government could boost energy demand in the world’s largest oil consumer.
The Republican-controlled US House of Representatives is scheduled to vote on Wednesday afternoon local time on a bill that has been approved by the Senate to restore funding for government agencies until January 30.
“The reopening of the US government will improve consumer confidence and economic activity, ultimately driving demand for crude oil,” wrote IG Market Analyst Tony Sycamore, in a note.
The prolonged government shutdown has caused disruption to tens of thousands of flights in recent days.If activity returns to normal, demand for jet fuel is expected to increase ahead of the holiday season.
On the supply side, oil prices also received support from the impact of US sanctions on Russia’s two largest oil producers, Lukoil and Rosneft.
According to reports, Yanchang Petroleum’s refinery in China is now looking for non-Russian oil supplies to meet its production needs.Meanwhile, Sinopec’s subsidiary, Luoyang Petrochemical, was forced to stop operations for maintenance as an indirect impact of these sanctions.
The sanctions are US President Donald Trump’s first step in directly pressing Russia’s energy sector since the start of his second term last month.
Against the backdrop of geopolitical tensions and hopes of economic recovery in the US, analysts expect oil prices to move in a narrow range in the near term, pending political developments in Washington.
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