Oil prices remain well supported with ICE Brent closing 1% higher yesterday, note ING commodities analysts Warren Patterson and Ewa Manthey.
Market sentiment remains positive
“Sentiment remains positive due to colder weather in parts of the northern hemisphere, which is likely to increase oil demand. Additionally, Asian spot LNG is trading at a premium to oil, increasing substitution risk.”
“Meanwhile, uncertainty over how tough Trump’s stance on Iran will be will be providing some support. Asian buyers have already been looking for alternative grades from the Middle East, with broader sanctions against Russia and Iran making this flow of oil more “This move had pushed the Brent-Dubai spread into negative territory in recent weeks, although it has since returned to a premium.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
