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Oil steady as market awaits more supply clarity

Brent crude futures dipped 4 cents, or 0.1%, to $86.08 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $80.33.

January 26, 2023 / 09:53 AM IST
Oil

Oil

Oil prices were steady on Thursday after U.S. crude stocks climbed less than expected, while investors awaited further clarity on supply drivers, including an OPEC+ meeting and the looming EU ban on Russian refined products.

Brent crude futures dipped 4 cents, or 0.1%, to $86.08 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $80.33.

"The market awaits to get more clarity on the upcoming EU embargo on Russian refined products and the subsequent reshuffle of trade flows, while OPEC+ delegates head into their next meeting," Citi analysts said in a note Thursday.

"The upcoming EU embargo on Russian refined products remains a major source of concern for the market, with widespread dislocations expected to materialize," the Citi analysts added.