Crude oil futures edged higher Jan. 7 amid tightened fundamental outlooks, but pandemic demand risks and heightened US political tensions limited gains. Receive daily email alerts, subscriber notes & personalize your experience. Register Now NYMEX February WTI settled 20 cents higher at $50.83/b and ICE March Brent was up 8 cents at $54.38/b. “Market strength this week seems to be from the Saudi cuts, along with decent data out of US inventories showing a drawdown in crude oil supplies,” Price Futures Group senior market analyst Phil Flynn said. Data released Jan. 6. by the Energy Information Administration showed a sizable 8.01 million-barrel draw on US crude stocks for the week ending Jan. 1. The larger-than-expected draw came on the heels of Saudi Arabia announcing at the end […]