Monday, February 6, 2023

Oil on track for eighth straight day of gains

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Crude oil futures were higher on Monday, with the ICE Brent crude marker on track for an eighth straight day of gains.

Reuters said in a report that prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine.

Brent crude futures gained 46 cents, or 0.4 percent, to $120 a barrel at 0111 GMT, while US West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.5 percent, to $115.67 a barrel, extending solid gains from last week.

The EU is due to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, which Moscow calls a “special operation” to disarm its neighbour.

“I don’t think it would be a stretch to assume that speculators are positioning for a post-EU summit oil market bounce,” said SPI Asset Management managing partner Stephen Innes.

Any further ban on Russian oil would tighten a crude market already strained for supply amid rising demand for gasoline, diesel, and jet fuel ahead of the peak summer demand season in the United States and Europe.

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