Crude oil futures started the week higher in mid-morning trade in Asia on Jan. 31, with ICE Brent pushing further above the $90/b mark, as investors remained bullish on the outlook for crude amid a continued supply deficit and holiday-thinned trade this week.
At 10:12 am Singapore time (0212 GMT), the ICE March Brent futures contract was up $1.30/b (1.44%) from the previous close at $91.33/b, while the NYMEX March light sweet crude contract rose $1.21/b (1.39%) at $88.03/b. “Heading into the holiday-shortened week for many markets in the region, lesser trading volume may be observed with much of the action revolving around the US and Europe markets,” IG market strategist Yeap Jun Rong said. Markets in China were closed for the week, while the Singapore and Hong Kong markets were closed for the next two and three […]