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Commodities

7 Feb 2022

Oil Remains Mixed amid Persistent Tightening Global Supply

The Index Today

Oil proved mixed in Asia on Monday morning recouping some of its previous losses.

Brent oil futures inched up by 0.31% to $93.56 by 11:44pm ET (4:44am GMT), while WTI futures dipped by 0.17% to $92.15. Oil marked a seventh successive week of highs with both WTI and Brent futures reaching over $2 last Friday amid worries of disrupted supply bolstering the commodity.

According to Kazuhiko Saito, Chief Analyst at Fujitomi Securities Co. Ltd., "The market tone remained bullish, with investment bankers predicting Brent hitting $100 a barrel and global supply continuing to be tight with OPEC+ not reaching their output targets and the United States not raising output much."

This comes as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) continue to experience challenges in raising production even as efforts to increase supply continue in the face of growing global demand.

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