Brent oil futures prices for Jan delivery moving at $74.26 a barrel on London based ICE Futures Europe Exchange on Friday morning hours. U.S crude Jan futures prices edged up at $70.13 during Asian hours at the time of reporting today. Both the benchmarks surged around 2 pct to close up last night. Brent premium over WTI widened during the session.
crude oil benchmark futures price index curves flirted with bullish sentiment across the market. Prevailing factor of simmering tensions over missile war between Russia and Ukraine may lead to global conflict as warned by Mr.Putin. Expected broadening conflict flagged supply concerns in case of oil infrastructure is aimed. China announced policy measures to boost oil demand, Lent support to oil complex. Turning to weekly data, U.S inventories nos sent mixed signals to the market. crude stocks went up 545kb, Exceeding analysts expectations. Gasoline stocks piled up while distillates inventories reported larger than expected draw. Possibility of suppliers group to hold the decision of output increase keep markets tightened. Interest rate cut delay is factor of concern to oil market.
