Brent futures for Jan delivery moving at $82.15 a barrel while WTI Jan futures are trading at $77.51 a barrel on Wednesday morning during Asian hours at the time of reporting. Both the benchmarks closed up yesterday. Brent traded at a premium of $4.68 over WTI during the session.
The world crude oil price index curves barely moving on Wednesday morning due to cautious trading approach ahead of EIA data. Crude markets opened in bullish mood in the early week on expected further deepening of cuts by OPEC+. Ballooning up of U.S crude stocks shrugged off the production cut news in the market. API reported that U.S crude stocks were piled up by 9Mbpd while gasoline and distillates stocks were drawn during the last week. EIA confirmations is awaited. Consensus is on build.
Traders are moving cautiously ahead of EIA data and OPEC meet. Producers are scheduled to meet on Sunday. Markets are expecting KSA and Russia will deepen cuts. Any more cuts by other producers with in OPEC+ will be keys to the markets.