Crude brent oil Futures prices for Feb delivery rose 19 cents to $79.26 a barrel while wti oil Feb Futures prices changed a little to $73.64 a barrel on Tuesday morning during Asian hours. Both the benchmarks Registered 3% weekly gains last week. Brent traded at a premium of $5.51 a barrel over wti during Friday session.
Crude benchmark indices continued to move up to day morning at the time of reporting after benchmarks added to precious session gains amid thin trading. Traders Shifting focus to escalation of middle east tensions is the major fundamental factor that is supporting bullish sentiment. Markets are expecting fed to cut interest rates during this week is also adding to fuel. Turning to technicals, Money managers increased their net length in both the benchmarks Futures and options. Widening brent Longs and shorts indicate that betting is coming back to the market.
crude markets are vulnerable to any change in weekly numbers and fed decision. I see speculators are active in the crude market.