Brent Jan futures opened unchanged at $72.28 a barrel on London based ICE Futures Europe exchange. WTI oil futures prices for Jan delivery moving unchanged at $68.8 a barrel on NYMEX on Wednesday morning during Asian hours. Both the benchmarks closed down last night, adding to Monday’s session loss. Brent premium over WTI narrowed down to $4.04 a barrel during the session.
Crude oil price index curves continued to fell after cease fire reports from Middle East reduced risk premium. Israeli PM announced that they are ready to implement a cease fire. Prospectus of reduction of U.S sanctions on Iran oil could press oil complex. Turning to supply and demand, All eyes on OPEC decision of production hike. It was heard that OPEC+ countries are discussing further delay to opening more taps, That was due to start from the month of Jan. Putting some light on data, API reported that U.S crude stocks fell by 5.94 Mb while gasoline and distillates stocks jumped 1.81 Mb and 2.54 Mb respectively during the last week. U.S government institute will confirm numbers later today. Trump likely to bring Canada’s crude oil under his list of tariff penalties. Choppy trading is expected this week.
