Brent oil Feb futures prices are moving at $72.17 a barrel with no change on Friday morning on London based ICE Futures exchange. U.S crude oil, WTI futures prices for Jan delivery opened at $68.43 today morning during Asian hours at the time of reporting. Both the benchmarks closed below 0.5 pct down last night.
Crude oil benchmark futures price indicators are on the flip side as investors weighed ample supply outlook into 2025 against OPEC+ delayed plan to open taps. Mounting signs of Gloomy economic outlook clouded lackluster demand across the market that forced producers to postpone the plan of unwinding cuts. The group discussed the gradual unwinding of 2.2Mbpd of production cuts from April, 2025 with a monthly increase 138000 bpd. The group meet conveyed constructive message and deter any price fall in short term. Crude markets derived support from weaker greenback. Prospectus of Fed cutting interest rate this month weigh on dollar, in turn supported oil complex. Lingering worries over breaking ceasefire agreement in Middle East region persist. Sepculators build shorts in U.S distillates futures and options. Markets are set to close the week flat.
