Brent oil Feb futures prices moving down at $72.82 a barrel on London based ICE futures Europe exchange. WTI oil futures prices for Jan delivery moving at $70.02 a barrel on NYMEX on Thursday morning during Asian hours. Both the benchmarks closed up below one pct last night.
Crude oil benchmark futures index curves moved up on traders optimism over demand outlook. Crude markets turned a corner from negativity on positve weekly numbers along with the Fed int rate cut. The upside rally was capped by Fed statement of slowing the pace of cuts. On the data side, EIA confirmed that U.S crude and distillates stocks fell during last week. U.S crude production numbers fanned positve demand outlook that lent support to oil complex. Strong greenback continue to weigh on oil prices. Instituational data and U.S rig numbers awaited. WTI jan futures set to expire this week.
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