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International benchmarks for crude oil ended the trading session on Monday, 6 January 2025, in the red, effectively ending a five-day streak of gains. While traders attributed the fall to technical correction, bearish economic data from the US and Germany also weighed down the sentiment. 

Brent futures fell 21 cents to settle at $76.30/barrel.

WTI dropped 40 cents to close at $73.56/barrel.

In the US, the world’s largest economy, new orders for manufactured goods decreased in November, and business investment in equipment appeared to slow in the fourth quarter, signalling potential weaknesses in the industrial sector. Similarly, in Germany, Europe’s largest economy, December’s annual inflation rate exceeded expectations, spurring speculations that the central bank would maintain or increase interest rates, a move that typically dampens economic growth and reduces energy demand.

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Written by: Muhammad Hafiz