Crude oil futures were higher in mid-morning trade in Asia Dec. 16 as risk-on sentiment returned to oil markets after a bullish overnight session on Wall Street in response to the US Federal Reserve providing an upbeat assessment of the economy.
Data showing a large draw in US crude oil stocks last week also supported prices. At 10:19 am Singapore time (0219 GMT), the ICE February Brent futures contract was up 58 cents/b (0.79%) from the previous close at $74.46/b, while the NYMEX January light sweet crude contract rose 70 cents/b (0.99%) to $71.57/b. “Having clarity out of the FOMC meeting yesterday, it appears that the outcome was well received by markets, with the positive momentum potentially continuing into Asia markets today,” IG market strategist Yeap Jun Rong said, referring to the US Federal Reserve open market […]