Crude markets are watching the sentiment in the financial market, while oil fundamentals remain sidelined, analyst says
New Delhi/Singapore
“Expect most price action in Brent and WTI futures to occur during the Europe and US trading hours, marked by plenty of intraday volatility,” Hari said. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on demand for oil. Russia’s deputy prime minister, Alexander Novak, said on Friday that Moscow was very close to achieving its target of cutting crude output by 500,000 barrels per day to about 9.5 million bpd.
Analysts said Russian crude inventories have been rising since September last year, and the country is likely to want to avoid further stock builds during refinery maintenance season from March to June.
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