- Oil extends gains amid easing demand concerns
- WTI rose by $1.27 to trade above $74/Bbl this morning
- Consumer prices rose 7.1% annually in November, down from a 7.7% rise in October, according to the U.S. Labor Department's report Economists expected a 7.3% rise in November (WSJ)
- The core rate, which excludes volatile food and energy prices, increased by 6% in November, following a 6.3% rise in October
- The market awaits the Fed's decision at its meeting tomorrow regarding interest rate hikes
- The 0.622 MMBbl/d Keystone Pipeline remains shut, and TC Energy has not announced a restart date
- China will keep easing its Covid-19 restrictions and welcome more international travelers in the "near future," the country's ambassador to the US said yesterday (BBG)
- Additionally, on Monday, domestic air traffic in China increased to 65% of pre-pandemic levels, up from 22% on November 29
- City traffic congestion has improved, but there are still concerns about how the government will react if the reopening triggers a spike in Covid cases
- Russia has generally agreed on its response to the G-7 price cap, and a presidential decree is currently being finalized by the Kremlin, according to the Vedomosti newspaper (BBG)
- The draft decree forbids the sale of Russian oil through any contract where the recipient is identified as a country that took part in the price cap or where there is a reference that prices meet a certain level, according to reports
- The proposed decree will not apply to contracts made before December 5 and will be in force until July 1, with the possibility of an extension