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Oil gained in sparse trading ahead of the holidays while traders weighed reports of Chinese bond sales and President-elect Donald Trump’s roiling of international politics.
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Bloomberg News
Grant Smith and Yongchang Chin
Published Dec 24, 2024 • 1 minute read
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(Bloomberg) — Oil gained in sparse trading ahead of the holidays while traders weighed reports of Chinese bond sales and President-elect Donald Trump’s roiling of international politics.
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Brent traded near $73 a barrel following a slight drop on Monday. Base metals such as nickel were broadly higher after Reuters reported that China may sell a record 3 trillion yuan ($411 billion) of special bonds next year, in an attempt to bolster its slowing economy.
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The market is also assessing Trump’s threats to seize the Panama Canal, as well as stricter sanctions on Iran and tariffs on China that may affect global oil balances. The dollar held near a two-year high, however, tempering commodity gains.
“The festive season seems to see little break from Donald Trump, with markets once again wondering how much of what Trump said will actually be followed through,” said Yeap Jun Rong, market strategist for IG Asia Pte. “A quiet calendar over the last two weeks of December will likely see oil prices settle.”
Crude has remained in a tight range since the middle of October, with geopolitical uncertainty weighing against lackluster demand in top importer China and expectations for ample supply from the Americas. OPEC and its allies are also set to begin unwinding production cuts in 2025.
Trading volumes slid on Monday and will likely remain muted as markets close for year-end holidays. Almost 830,000 contracts for Brent traded across the curve on Monday, about 80% of the average this year.
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