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.