Crude brent march futures edged down at $82.15 a barrel while wti oil Futures for March delivery trading down at $76.77 a barrel on Friday in Asian markets. Both the benchmarks closed up around 3 percent yesterday on strong fundamental news. Brent premium widened to wti at $5.07 a barrel during the session.
crude benchmark curves demonstrated upside momentum for the short period as U.S positive economic growth numbers and U.S stimulus of cutting bank reserves to spur economy will boost demand outlook. The world benchmarks are set to close the week with gains for the straight second week. Brent first month contract is trading on premium to sixth month contract at $2.53. This market structure is known as backwardation where front month Futures trades higher than later month contract. Red sea waters disduption factor prevailed in the market. U.S oil rig numbers due later today. ICE and CFTC weekly contracts numbers are awaited.
