The North Sea crude market, which is usually quiet in December, saw record-breaking trading activity on Monday. Major oil companies and traders purchased a total of eight cargoes in a single day.
Seven of these cargoes consist of crude grades that form the basis of the Dated Brent benchmark. This benchmark is the most widely used global reference for crude prices and influences the price of over 75% of the world’s traded oil.
This surge in trading activity could push Brent Crude prices higher, similar to the market movements seen earlier this year during a similar spike in trades.
However, the upcoming decision by OPEC+ on production cuts for next year, along with the state of the Chinese economy and its oil demand, are expected to play a larger role in shaping market sentiment in the coming months.
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