crude Brent grade oil Jan futures inched up 20 cents to $80.18 a barrel while WTI oil futures for Jan delivery moving up at $75.17 a barrel on Tuesday morning during Asian hours at the time of reporting. Both the benchmarks settled down yesterday amid bearish sentiment across the market. Brent premium over WTI widened to $5.12 a barrel during the yesterday’s session.
The world crude oil price index curves turned up today snapping previous session’s downturn ahead of OPEC+ meeting scheduled on 30th Nov, 2023. The spearhead KSA is expected to roll over deep cuts to the fourth quarter while Russia is likely to follow KSA. Producer’s council postponed group’s meet to iron out difference among African producers. Oil gained support from weak dollar. Turning to weekly reports, API estimated that U.S crude stocks have fallen by 2Mbpd. EIA confirmation is due. Analysts see buying opportunity in the existing market on the assumption of OPEC+ moving towards deepening cuts will spur more volatility in a positive mood.