Brent crude oil is trading higher this Tuesday morning with a flurry of supportive fundamental factors in play. Get your market update from WVenketas here:
Closing out the trading day, weekly API data will fall under the spotlight and should recent higher stocks release again, crude oil may be under pressure once more.
The IEA reported that roughly “half of global oil demand will come from China”, fanning the China re-open story and buoying crude oil. The recent tragedy impacting Turkey and Syria has reached as far as the oil market by way of devastating a key export terminal in Turkey. The disruption in supply chain will hold from February 6 – 8 curbing supply to markets.
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