Brent oil Feb futures prices are moving at $73.15 a barrel on London based ICE Europe exchange on Thursday morning. WTI oil futures prices for Jan delivery opened at $70.31 a barrel on today early Asian hours. Both the benchmarks closed above 2 pct up last night. Brent traded at a premium of $3.6 over WTI during last session.
Crude oil benchmark futures price indicators are moving up in a bullish sentiment ignited by prospectus of supply tightening. EU sanctions on Russians oil ripped oil prices higher. Traders anticipation of recouping chinese demand propelled crude prices up. Rising U.S product inventories keep drag on oil prices currently. OPEC report of estimating low demand outlook for 2024 and 2025 weigh on oil complex. IEA monthly numbers are awaited.
