Oil eases as traders start winding down positions in run-up to holiday season
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SINGAPORE] Oil prices eased on Tuesday as traders began to unwind positions in the run-up to the year-end holiday season.
US West Texas Intermediate (WTI) crude oil futures were trading at US$51.97 per barrel at 0134 GMT, down 15 US cents from their last settlement.
International Brent crude oil futures were down 1 cent from their last close at US$54.91 a barrel.
Traders said the slight dip was a result of market players squaring their books ahead of the upcoming Christmas weekend and the week running up to New Year, during which many offices will be shut.
Analysts said they expected markets would likely remain tepid this week, with no fundamentals expected that could drive large price swings.
"With little data due, prices are likely to drift aimlessly in today's session," ANZ bank said.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore, said "a light news week and the run-in to the holiday season" was keeping markets quiet.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
