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Oil steadied after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets.
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Bloomberg News
Bloomberg News
Published Nov 18, 2024 • 1 minute read
(Bloomberg) — Oil steadied after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets.
Brent traded above $73 a barrel after surging 3.2% on Monday, while West Texas Intermediate was near $69. A gauge of the dollar dropped for a second session, making commodities priced in the currency less expensive for most buyers, and Wall Street stocks climbed. Asian shares tracked higher.
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Oil is still lower for the year as concerns around Chinese demand and plentiful global supply weigh on the outlook. The prompt spread for WTI — the difference between the two nearest futures contracts — traded in a bearish contango structure for the first time since February.
The International Energy Agency has forecast a potential surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, which could be even bigger if OPEC+ decides to revive output.
“We remain bearish on oil in the mid- to long-term,” said Zhou Mi, an analyst at the Chaos Research Institute in Shanghai. “OPEC+’s planned output increases and China’s demand peaking” raises the prospect for a global glut, he added.
In the Middle East, meanwhile, Lebanon and the Hezbollah militia have agreed to a US proposal for a cease-fire with Israel, according to a report from Reuters on Monday, which cited a top Lebanese official. A US official cautioned that negotiations were ongoing.
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