crude markets buoyed up in new year. 02-01-2024

crude live prices indicating trend

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crude brent march futures prices jumped $1.43 or 1.856% to $78.47 a barrel while WTI futures for Feb delivery trading $1.19 or 1.661% up to $72.84 a barrel on Tuesday morning during Asian hours at the time of reporting. Both the benchmarks are buoyed up by strong bullish sentiment amid escalation of naval clash in the red sea.

crude world benchmark price index curves demonstrated upside momentum in the first session of new year. Potential supply disruptions in red sea waters, Strong demand outlook in holiday season and expected economic stimulus in China are the prevailing bullish factors that lent support to oil complex. Analysts forecast brent crude would average $82.56 a barrel in the new year as compared to that of $82.17 a barrel in 2023. Geo-political tensions and economic outlook are the key factors that direct the crude price curves in this year.

On the technicals side, Money managers surged their positions in major petroleum futures and options till the week ended Dec 26th, 2023. Long only positions widened along with shorts in both the benchmarks futures at ICE and CFTC as reported. Weekly numbers followed by rig numbers are awaited this week. I strongly see bullish momentum this week.

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of

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