Crude oil futures rose mid-morning in Asia Feb. 2 on the back of an improvement in the crude oil demand outlook and managed supply levels after it was revealed that OPEC+ had adhered to its production cut commitments in January. Receive daily email alerts, subscriber notes & personalize your experience. Register Now At 11:23 am Singapore time (0323 GMT), the ICE Brent April contract was up 57 cents/b (1.03%) from the Feb. 1 settle to $56.92/b, while the March NYMEX light sweet crude contract was up 60 cents/b (1.12%) to $54.15/b. “Oil prices are rallying alongside US stocks and as optimism improves that the world is getting closer to returning to pre-pandemic crude demand levels. The world is seeing several COVID vaccines get the greenlight and it seems progress is being made on fixing production and distribution concerns,” Edward Moya, senior market analyst at OANDA, […]