Oil Summary at European Close: Crude Set for Gains On-Week

Crude prices have moved back to near rangebound on the day; an earlier surge triggered by a temporary weaker move in the US dollar has largely reversed. Dated Brent is set for around a 5.4% increase over the week, with support from diminishing hope of any near-term ceasefire deal in Gaza.

• Brent APR 24 down 0% at 81.6$/bbl
• WTI MAR 24 up 0.2% at 76.34$/bbl
• US President Biden stated in a White House press conference that Gaza carnage has been 'over the top' and urged for a pause in fighting.
• The Wall St Journal is reporting that Venezuela has moved military hardware to its border with Guyana as a row over a disputed, oil-rich province escalates.
• The latest Baker Hughes rig count data is due for release at 13:00ET.
• OPEC-10 oil production declined on the month in January to 21.57mbpd, but the group pumped above its pledged quota for 1Q 2024 of 21.23mbpd according to a Platts survey.
• Saudi Aramco will supply more term crude oil for March sales to buyers in China compared to last month according to Bloomberg sources.
• Total global crude/condensate exports (excluding Iran/Venezuela) slipped by 700kbd in January m/m according to Vortexa, reversing December’s brief uptick.
• Global oil inventories are expected to decline by 1.6mb/d in February following a smaller than normal build in January according to Standard Chartered.
• The global trend in global crude inventories shows significant drawing is still taking place in the early part of 2024 according to Vortexa.