Oil traders bet that new sanctions could disrupt supplies from Russia.
Oil markets are moving higher as traders bet that cold weather would boost demand for energy.
Oil markets gained downside momentum after the release of the EIA report.
According to recent reports, several China ports blacklisted U.S. – sanctioned vessels, which is bullish for oil.
Sudan lifted force majeure on the transport of crude oil, which was bearish for oil markets.
Brent and WTI crude could see downward pressure in 2025 as rising non-OPEC output tips the market into surplus, weighing on prices.
The better-than-expected China NBS Non Manufacturing PMI report provided support to oil markets.
Oil traders are waiting for PMI data, which will be released in early January.
Oil markets are moving higher as traders focus on the EIA Weekly Petroleum Status Report.
Oil prices are under pressure after Christmas.
WTI oil is trying to settle back above the psychologically important $70.00 level.
Oil markets are moving lower at the start of the week.