Oil Prices Stabilize Ahead of the New Year

In the forex market, where weak trading volume prevails ahead of the new year, oil prices are trading sideways. Currently, the ICE futures for Brent crude oil have increased by only 7 cents compared to last Friday, standing at $74.24. Meanwhile, West Texas Intermediate crude on NYMEX is also up by 7 cents, trading at $70.67.

Attention in the energy markets is focused on the manufacturing sector PMI to be released in China tomorrow, as well as the unemployment claims data in the U.S. set to be announced on Thursday and the ISM Manufacturing PMI expected on Friday.

The manufacturing PMI in China is anticipated to indicate growth, with a projection of 50.3. In the U.S., unemployment claims for the week ending December 27 are expected to remain around 219,000, similar to the previous week. The expectation for the ISM Manufacturing PMI is 48.3, down slightly from November's 48.4.