Oil Prices Rise Amid Light Holiday Trading; WTI Surpasses $70

Oil prices increased as trading remained light ahead of the Christmas holiday. The market is reacting to potential disruptions in international politics caused by U.S. President-elect Donald Trump. WTI crude oil futures rose over 1.2%, closing above $70 per barrel, while Brent crude futures increased by 1.3%, settling at $73.58 per barrel.

Investors are also evaluating Trump’s comments on potentially taking control of the Panama Canal and imposing stricter sanctions on Iran, which could impact the global oil supply-demand balance. Despite these developments, the U.S. dollar remains near a two-year high, limiting gains in commodities.

Market strategist Yeap Jun Rong noted that Trump’s statements continue to create uncertainty, especially during the holiday season. The total trading volume for WTI crude remains below average and may continue to be subdued due to the year-end holidays.

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