Crude brent front month Futures are trading up at $79.75 a barrel while wti oil Futures to be delivered in March inched up to $74.55 a barrel on Wednesday morning asian hours trading. The world benchmarks closed down yesterday. Brent premium over wti widened to $5.18 a barrel during the session.
crude price curves turned down on bearish sentiment buoyed up by week demand outlook across the market. Traders are looking for significant clues amid cautious bells ringing. Turning to weekly reports, U.S crude stocks fell by 6.774mbpd while gasoline stocks are piled up by 7.183mbpd where as distillates stocks are marginally decreased during last week. EIA confirmations are awaited. Consensus is that both numbers will match. Markets are looking at bearish product numbers that signaled demand concerns. Strong dollar also weighed on crude complex.
Analysts say that without geopolitical factor, crude prices are expected to be in the same range during 1st quarter of 2024. U.S fed rates news may spur some Volatility across financial and commodity markets.