crude markets opened in green on the first day of trading in the year of 2026. Both the benchmarks logged in biggest annual loss in 2025. Escalation of geo-political risks and over supply fears are in the headlines. On the technicals side, Brent timespread is not showing ‘steep’ backwardation but it is not in contango. OPEC + meeting scheduled on 4th Jan. Consensus is on Pause in output increases in the first quarter. Crude set to close the week in loss.
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