Key Points
NEW DELHI (Reuters) -Oil prices regained some ground in Asian trade on Wednesday amid concerns over attacks on shipping in the Red Sea and growing expectations that cuts to U.S. interest rates will take longer than thought.. Brent crude futures rose 30 cents or 0.36% to $82.64 a barrel by 0324 GMT, while U.S. West Texas Intermediate crude futures (WTI) were up 26 cents or 0.34% at $77.3...
The Brent and WTI contracts fell 1.5% and 1.4% respectively from near three-week highs on Tuesday as the premium for prompt U.S. crude futures to the second-month contract more than doubled to $1.71 a barrel its widest level in roughly four months...
Crude futures prices have become relatively range-bound, and have at least $6-7 per barrel of risk premium embedded at current levels, said Vandana Hari, founder of oil market analysis provider Vanda Insights...
Meanwhile, Russia, which has pledged output cuts of 500,000 barrels per day (bpd) as part of a package of cuts with Organisation of Petroleum Exporting Countries and its allies (OPEC+), said on Tuesday that it intends to fulfil its OPEC+ quota in February despite a decline in oil refining...
Analysts polled by Reuters estimated on average that crude inventories rose by about 4.3 million barrels in the week to Feb. 16.. (Reporting by Mohi Narayan in New Delhi, Andrew Hayley in Beijing; Editing by Edwina Gibbs)..
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