Brent crude oil futures were down 65 cents, or 1.2%, at $55.34 a barrel by 0439 GMT, after having climbed to $56.39, their highest since Feb. 25, 2020. Brent rose in the previous four sessions. The European Benchmark fell to $55.06 by 0700GMT. U.S. West Texas Intermediate (WTI) slipped 44 cents, or 0.8%, to $51.80 a barrel. WTI rose to its highest in nearly a year on Friday.
11 million people are currently under lockdown in the COVID-10 hotspots in Asia, with mainland China recording its largest increase in infections in five months this week. This being said, crude prices have been continually supported by the news from the previous week of the Saudi Arabian output cuts that are due to amount to 1 million barrels a day less that previously planned as Russia and other oil exporting nations plan to increase output to replace lost revenue through the pandemic. (Reuters)
The increase in crude oil markers led sellers to make determined offers in a bid to attract buying interest. As such the premium for Singapore-delivered marine fuel 0.5%S bunker over FOB Singapore marine fuel 0.5%S cargo has tapered for the last four consecutive trading sessions to be assessed at $10.63/mt on Jan. 8, a 20-week low, Platts data showed. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 317.20
* Rott 3.5%: 303.15
* Sing 0.5%: 411.22
* Rott 0.5%: 384.50
MARKETS NEWS:
* Abu Dhabi Raises February Murban Crude Pricing After Saudi Boost
* India’s Annual Total Fuel Usage Falls for First Time in 21 Years
* Iran Sets Light Crude Official Price at 80C/Bbl to Asia for Feb.
* U.S. Crude Export Demand Rising After Saudi Production Cuts Move
* U.S. Oil Rig Count Up 8 to 275, Baker Hughes Says
* Why the Strait of Hormuz Is a Global Oil Flashpoint: QuickTake
OTHER NEWS:
* Saudi Crown Prince Plans Car-Free City for Future Beyond Oil
* Wall Street Is the Most Bullish on Commodities in a Decade
* Ship Orders Slump 50% With Owners Unsure Which Green Fuel to Use
OIL PRODUCT NEWS:
* U.S.: Phillips 66 Restarting FCC at Alliance
* EUROPE: Mideast Fuel in Storage Starting to Unload
* ASIA: Idemitsu’s Hokkaido Fire; Wepec Sells Gasoil
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