crude oil brent oil Feb futures prices down 67 cents to $72.57 a barrel while WTI Jan futures dipped 64 cents to $67.97 a barrel on Wednesday morning during Asian hours at the time of reporting. Both the benchmarks lost around 4 % yesterday after 7th straight week. Brent traded at a premium of $4.63 over WTI during the session.
Crude oil benchmark futures indexes demonstrated downside momentum for the 8th straight week. The bearish outlook kept the market under pressure amid demand fears. Oil markets prices the interest rates hike fears after Fed was unlikely to cut interest rates that will weigh on oil complex. On the data side, API reported a drop in U.S crude stocks by 2.35Mbpd in the week ending 8th Dec. EIA confirmation is awaited. Consensus is on draws.
crude markets are celebrating bears fest. Traders are waiting for clues from IEA and OPEC monthly oil reports.
