January 11, 2022

API Data Becomes Focus, Oil Prices Stable

 Crude oil hovered around the same price in the Asian session, as the market awaited further catalysts to influence trading on the black commodity.

Brent crude futures traded steady at $ 81.30 a barrel, while US WTI traded slightly higher at around $ 78.80 a barrel.

Oil prices eased in the previous two sessions after supplies from Libya and Kazakhstan were reported to have returned to crude oil markets, allaying concerns over supply shortages.

However, analysts see that additional supplies from the Organization of the Petroleum Exporting Countries (OPEC) remain below the increase allowed under the OPEC+ 2021 pact.

This is because, some OPEC member countries, including Nigeria, failed to meet the amount of oil production quotas previously agreed.

Meanwhile, concerns over demand rose again after China began a massive testing campaign in the port city of Tianjin as the country maintained a zero-tolerance approach to Covid-19.

Investors ’attention is now turning to US crude oil supply data from the American Petroleum Institute (API) which will be released today.