The data could be supportive for oil if it shows further recovery of the country’s economic activities from COVID disruptions, CMC Markets analyst Tina Teng said.

Source: https://business.inquirer.net/393244/oil-prices-climb-in-relief-rally-as-banking-concerns-ease

"These suspensions mean that cargos face a lengthy diversion around the Horn of Africa which will add significant costs to company supply chains, as well as having significant inflationary impacts," said market analyst Michael Hewson at CMC Markets.

Source: https://www.ibtimes.co.uk/us-stocks-build-year-end-rally-after-steel-merger-rate-cut-talks-1722257