OIL PRICE: NEAR $91
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
The ICE March Brent futures contract was up $1.30/b (1.44%) from the previous close at $91.33/b, while the NYMEX March light sweet crude contract rose $1.21/b (1.39%) at $88.03/b.
OPEC+ producers will meet on Feb. 2 to decide on production levels for March. Analysts expect the group to stand pat on their gradual easing of production cuts, though members have struggled to raise output to their required quota levels.
Markets in China were closed for the week, while the Singapore and Hong Kong markets were closed for the next two and three days, respectively.
Bullish sentiment pushed the front month ICE Brent crude contract to close above the $90/b mark at the close of the previous week ended Jan. 28. Both crude oil benchmarks have gained for the last six consecutive weeks, having added around 22% in value over this period.
Investors have raised their long positions in ICE Brent and NYMEX crude in recent weeks, reflecting growing confidence in a continued recovery in global oil demand and a lack of supply from producers.
Speculative net long positions in ICE Brent crude rose for five of the last six weeks up to the week ended Jan. 18 from near one-year lows, most recent data from ICE showed.
Speculative net long positions in NYMEX crude, meanwhile, have risen for four of the last six weeks up to the week ended Jan. 25, data from the US Commodity Futures Trading Commission showed.