Crude oil prices experienced a notable rise on December 3, 2024, driven by a combination of factors including dollar weakness and geopolitical developments. The North Sea oil market saw its largest trading activity in 16 years, with eight cargoes, equivalent to about 5.6 million barrels, changing hands. This unusual trading frenzy in December, typically a quieter month, has added to the uncertainty surrounding oil prices. The activity was primarily driven by major players like Trafigura Group and TotalEnergies SE, who were the main buyers, while Equinor ASA and Gunvor Group were the sellers. This surge in trading activity has influenced the Dated Brent benchmark, a critical pricing reference for global oil markets.
The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) closed at $17.70, marking a 4.58% decline for the day.