WTI Crude oil settles $2.14 higher at $69.16

The price of WTI crude oil is settling at $69.16. That is up $2.14 or 3.19%.

Of interest is the January contract price traders briefly above the December price for the 1st time since February.

Bullish Factors:

• Geopolitical Tensions:

• U.S. approval for Ukraine to use long-range missiles inside Russia raises conflict risks.
• North Korea may send 100,000 troops to aid Russia in Ukraine, increasing direct involvement.
• Iranian leader Ayatollah Ali Khamenei warns of a “crushing response” to Israel, raising concerns over Middle East crude supply disruptions..

Bearish Factors:

• Weak Chinese Demand:

  • China’s October oil demand fell -5.4% y/y to 14.07 million bpd, with Jan-Oct demand down -4.03% y/y to 14.00 million bpd.

This article was written by Greg Michalowski at www.forexlive.com.