CRUDE WRAP: WTI (F5) SETTLES USD 1.17 HIGHER AT 68.37/BBL; BRENT (G5) SETTLES USD 1.02 HIGHER AT USD 72.14/BBL

Analysis details (19:33)

The crude complex was firmer to start the week with benchmarks buoyed by a couple of factors, namely the Chinese Politburo and geopolitical uncertainty in the Middle Eastern region after Syrian fighters toppled the Assad regime. On the former, the Politburo said that next year that China's fiscal policy is to be more proactive next year while adding that monetary policy is to be moderately loose. In the wake of these reports, WTI and Brent saw a notable fillip higher to initial intra-day peaks, before extending further to print session peaks of USD 68.88/bbl and 72.65/bbl, respectively. For the record, initial strength in the European morning on the geopolitical tensions was briefly capped after Saudi cut their January OSPs for Asia and NW Europe, but the upside resumed thereafter with US trade underway. Regarding Syria, rebel fighters captured the capital Damascus and toppled Bashar al-Assad's regime which saw the ousted President move to Moscow, where he was granted asylum. Ahead, the weekly private inventory data is on Tuesday ahead of the pivotal inflation reports on Wednesday and Thursday prior to the Fed next week.

09 Dec 2024 - 19:33- Fixed IncomeGeopolitical- Source: Newsquawk