Ice Brent crude futures inched higher in early Asian trading as the market kept a close watch on the outcome of US-Iran talks scheduled for today.
The Ice front-month April Brent contract was at $67.86/bl at 04:00 GMT, up by 31¢/bl from its settlement on 5 February, when the contract ended $1.91/bl lower.
The Nymex front-month March crude contract was at $63.61/bl, higher by 32¢/bl from its settlement on 5 February, when the contract ended $1.85/bl lower.
Traders are waiting for updates on US-Iran nuclear talks, with both countries set to meet in Muscat, Oman on 6 February.
US secretary of state Marco Rubio outlined the US' broader expectations from negotiations, which he said should address Iran's nuclear and missile programmes, its support for regional proxies and Tehran's treatment of nationwide protests.
Meanwhile, The Bank of England on 5 February kept the UK's main lending rate unchanged at 3.75pc, but indicated that it expects to make further interest rate reductions and cut its forecast for UK economic growth for 2026.
The bank's monetary policy committee maintained rates on 5 February, having cut them by 0.25 percentage points at its last meeting in December, saying that although consumer price inflation (CPI) is currently still above its 2pc target, it expects the rate to fall back to around the target from April as a result of developments in energy prices.
Lower interest rates reduce borrowing costs, which could boost oil demand and support economic growth.
State-controlled Saudi Aramco cut its official formula price for March-loading flagship Arab Light to Asia by 30¢/bl from February.
For Aramco's core Asia-Pacific market, the firm cut the price of March Arab Light to parity with the average of Oman and Dubai assessments. Aramco also cut the price of its Asia-bound Arab Medium and Arab heavy by 40¢/bl, while Arab Extra Light and Super Light were both raised by 20¢/bl. Market sources had generally expected cuts to prices, given the recent slump in the value of the medium sour benchmark Dubai crude.
Ice Brent crude futures inched higher in early Asian trading as the market kept a close watch on the outcome of US-Iran talks scheduled for today.
The Ice front-month April Brent contract was at $67.86/bl at 04:00 GMT, up by 31¢/bl from its settlement on 5 February, when the contract ended $1.91/bl lower.
The Nymex front-month March crude contract was at $63.61/bl, higher by 32¢/bl from its settlement on 5 February, when the contract ended $1.85/bl lower.
Traders are waiting for updates on US-Iran nuclear talks, with both countries set to meet in Muscat, Oman on 6 February.
US secretary of state Marco Rubio outlined the US' broader expectations from negotiations, which he said should address Iran's nuclear and missile programmes, its support for regional proxies and Tehran's treatment of nationwide protests.
Meanwhile, The Bank of England on 5 February kept the UK's main lending rate unchanged at 3.75pc, but indicated that it expects to make further interest rate reductions and cut its forecast for UK economic growth for 2026.
The bank's monetary policy committee maintained rates on 5 February, having cut them by 0.25 percentage points at its last meeting in December, saying that although consumer price inflation (CPI) is currently still above its 2pc target, it expects the rate to fall back to around the target from April as a result of developments in energy prices.
Lower interest rates reduce borrowing costs, which could boost oil demand and support economic growth.
State-controlled Saudi Aramco cut its official formula price for March-loading flagship Arab Light to Asia by 30¢/bl from February.
For Aramco's core Asia-Pacific market, the firm cut the price of March Arab Light to parity with the average of Oman and Dubai assessments. Aramco also cut the price of its Asia-bound Arab Medium and Arab heavy by 40¢/bl, while Arab Extra Light and Super Light were both raised by 20¢/bl. Market sources had generally expected cuts to prices, given the recent slump in the value of the medium sour benchmark Dubai crude.
By Rhalain Reyes