Around 9:10 a.m., on the Intercontinental Exchange (ICE), Brent oil for delivery in February increased by 0.53%, to $62.27 per barrel, after losing 3% during the two previous sessions. On the New York Mercantile Exchange (Nymex), WTI oil for January rose 0.60% to US$58.60.
“Russian supply remains a risk. Even if Russian maritime export volumes are holding up relatively well, these barrels are having difficulty attracting buyers,” explains ING in a note. Peace talks in Ukraine, which could lead to the lifting of international sanctions on Russian companies, are progressing slowly.
Separately, figures released yesterday by the American Petroleum Institute (API) show that US oil inventories fell by 4.8 million barrels last week, far more than the reduction of around 1.3 million barrels expected by the market, but sharp increases were recorded in fuel stocks. If confirmed today by the US Department of Energy, this would be the largest increase in gasoline stocks since the end of December 2024, estimates ING.
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