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Oil Prices Rise After Sell-Off; Saudi Aramco Boosts Asian Oil Prices
Thursday, 6 February 2025 22:03 WIB | OIL |Minyak WTIOil,

Oil prices rose on Thursday after a sharp overnight decline as traders cautiously assessed escalating U.S.-China trade tensions, while data showing higher U.S. crude inventories reflected weak demand.

At 9:10 a.m. ET (14:10 GMT), Brent crude futures were up 0.7% at $75.16 a barrel, while WTI crude futures expiring in March were up 0.8% at $71.61 a barrel.

Sentiment had improved on Thursday after Saudi Aramco (TADAWUL:2222), the world's top oil exporter, detailed a sharp increase in prices for Asian buyers.

"This is consistent with the strength we have seen in the physical Middle East markets since the start of the year," analysts at ING said in a note.

"Aramco's flagship Arab Light product to Asia rose $2.40/bbl to $3.90/bbl above the benchmark - its highest level since December 2023. It was also the biggest monthly increase since August 2022."

Both contracts fell more than 2% at Wednesday's settlement, pressured by a surge in U.S. crude inventories reported by the Energy Information Administration, the biggest weekly build since November 2024.

For the week ended Jan. 31, U.S. commercial crude stocks rose by 8.7 million barrels, beating analysts' expectations for a 2.4 million-barrel increase.

The substantial build in inventories suggests potential weakness in crude demand. Typically, higher inventories indicate that supply is outstripping consumption, which can put downward pressure on oil prices.

The latest data is in line with this trend, as oil prices have been on a tear, hitting their lowest settlement of the year on Wednesday. (Newsmaker23)

Source: Investing.com

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