Oil Summary at European Close: Crude Falls over Week

Crude markets are extending earlier losses to the lowest level since Jan. 17, amid pressure from a stronger US dollar after the latest US payrolls data showing stronger than expected data. Brent is down around 7% since the start of the week.

• Brent APR 24 down -1.9% at 77.19$/bbl
• WTI MAR 24 down -2.3% at 72.11$/bbl
• CBS News sources reported the US has a series of strikes planned in the coming days in response to the drone attack on a Jordanian outpost that killed three US service personnel over the weekend.
• Saudi Arabia more than doubled oil exports from its Muajjiz terminal last month from 258kbpd in Dec to 580kbpd in Jan according to Bloomberg.
• Iraq’s crude oil exports stood at 3.338mbpd in January, down from 3.48mbpd in December and the lowest level since June: Iraqi Oil Ministry.
• OPEC oil production fell by 490kbpd in January to 26.5mbpd, according to a Bloomberg survey but remains above its output target.
• The G7 price cap coalition issued an enforcement alert detailing further information on Russian oil price cap breaches.
• Russia plans to slightly lower diesel exports from three western ports in February amid lower refinery runs, according to Bloomberg.
• Saudi Arabia’s decision to halt the planned oil capacity increase to 13mbpd by 2027 does not immediately affect the physical oil market but will limit the global supply buffer, Fitch Ratings said.