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Crude Extends Gains

OIL

Crude markets are extending gains to new session highs supported by the US seeking 3m barrels of crude oil for the SPR for April delivery and US job data. Earlier gains were due to production outages in Libya due to protests and escalation in the conflict in the Middle East.

    • Brent MAR 24 up 2.9% at 78.06$/bbl
    • WTI FEB 24 up 3% at 72.52$/bbl
  • The US is seeking up to 3m bbls of sour crude oil for the Strategic Petroleum Reserve, according to notice from the energy department.
  • US NOV. JOB OPENINGS 8.790M; EST. 8.821M. JOLTS job openings dipped to 8.79M (cons 8.82M) in Nov after a slightly upward revised 8.85M (initial 8.73M) in Oct. Quits rate: 2.21% from 2.31, after four particularly stable months at 2.3 having closed the gap to pre-pandemic averages with 2.33 in 2019.
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