Oil trades flat as liquidity dries up ahead of Christmas

Oil prices traded flat this Tuesday morning as volumes dropped in the run-up to Christmas.

At the time of writing, WTI oil was trading dead flat around $53/barrel. Brent oil was down 12 cents or 0.22% at $54.90/barrel.

Moreover, the bullish momentum has stalled as investors wait for OPEC cuts to materialize. OPEC does not have a great record of delivering on its promises.

Furthermore, markets are worried that US shale producers would respond to OPEC/non-OPEC deal by producing more.