The Nymex WTI is quoted above $ 63.00/BBL, while ICE brent approached $ 66.00/BBL for optimism in commercial conversations between the US and China. Meanwhile, the last round of discussions between the USA and Iran also concluded with both parties agreeing to continue with more discussions and negotiations, says experts in raw materials of ING, Ewa Manthey and Warren Patterson.
Oil maintains profits for optimism in commercial conversations
“The latest Baker Hughes data show that the drilling activity in the US On January 24 and 22 below the level of the previous year.
“The latest positioning data show that speculators decreased their long net positions in ICE Brent in 12,383 lots for the second consecutive week, standing at 97,558 lots until last Tuesday, the less bullish bets from the week that ended on October 29, 2024. This was predominantly driven by the increase in short positions in 8,887 lots, reaching 113.008 lots during the report week.
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.
