Brent oil Feb futures prices are moving above $73 on Wednesday morning during Asian hours on London based ICE Futures Europe exchange. U.S crude futures, WTI Jan futures prices are moving around $70 today morning at the time of reporting. Both the crude oil benchmark futures closed above 2 pct up last night. Brent premium over WTI narrowed down to $3.68 a barrel during the session.
Crude oil benchmark futures indices demonstrated upside momentum, Recouping previous sessions losses. Traders anticipation of OPEC+ group will further extend output cuts to the first half of next year is looming deficit fears in the market. Israeli forces threatens continued strikes against violation of Ceasefire agreement by Hezbollah fighters ripped prices higher. Demand fears continued to prevail in the market. China’s factory numbers also sang positive tunes. Turning to weekly numbers, U.S crude stocks rose 1.2 Mb last week, reported by API. EIA confirmations are awaited later today. Consensus is on stock draws.
