Brent Crude Futures Steady at $79: December 26, 2023

On Tuesday, Brent crude futures stabilized around $79 per barrel. This comes after the biggest weekly rise in more than two months. However, holiday seasons may keep trading volumes low. Investors are closely watching the Middle East, especially after Houthi attacks affected global trade. Denmark’s Maersk announced plans to restart Red Sea and Gulf of Aden operations, thanks to a new multinational maritime task force. This group aims to safeguard commercial ships.

Following Angola’s departure from OPEC over quota disputes, other members quickly reassured their commitment to the output policy. On the demand front, signs of US inflation cooling down are boosting hopes that the Federal Reserve will cut interest rates next year. This could improve the global economy and energy demand.

About The Author

Ethan O. Miller

Ethan O. Miller is a seasoned Forex analyst. His insightful articles offer a unique perspective on currency trends, aiding both novice and experienced traders in navigating the Forex market.

See author's posts