In oil oil, prices have increased today in an early trading session, and Ice Brent and Nymex WTI exceeds above 75 USD/BBL and 71 USD/BBL, FX analyst, Chris Turner from ING, respectively.
The oil market sees the second uncomplicated profit session
“The oil market was recorded a second simple profit session because the US president announced more tariffs on Sunday. Oil prices also receive short -term support because the US has imposed sanctions in an international network that facilitates the shipping of Iranian oil on China last week. “
“Meanwhile, drilling in the US has slightly regained over the past week. The latest data on Hughes Baker shows that the number of energetic American oil platforms increased by one in a week to 480 from February 7, 2025. However, despite the weekly escalate in the number of oil platforms, it still dropped at 19 compared to this time last year.
“Recent positioning data show that speculators have reduced the long net in ICE Brent by 17,981 plots last week of reporting to 289,723 plots from last Tuesday. It was the first weekly decline from December 31, 2024. The traffic was mainly driven by Gross Longs by 24,38 plots of plots to 372 3,38 plots for Nymex WTI, speculators sold 51,252 plots for the second week of the week of reporting, leaving them a length of 140,540 plots – The lowest in the week ending on December 10, 2024. “
