Brent oil Feb futures prices moving down at $72.54 a barrel on London based ICE futures Europe exchange. WTI oil futures prices for Feb delivery moving at $69.12 a barrel on NYMEX on Friday morning during Asian hours. Both the benchmarks closed down below one pct last night. Brent premium over WTI narrowed down to below $3 during the session.
Crude oil benchmark futures index curves continue to fall on prevailing bearish sentiment across the market. Weekly numbers extended some support to oil complex. Fed’s comments over inflation fanned fears around the markets. Fed’s warning of cautious approach over upcoming cuts signalled gloomy economic outlook. Weak economy may deter demand growth excerbated prevailing bearish sentiment. Strong dollar keep weigh on oil complex. J.P morgan reported that world oil markets will be in surples through next year. Instituational data and rig numbers awaited. WTI Jan contract expired yesterday. Crude markets set to log in weekly loss.
