The Feb’25 Brent futures contract saw weakness this morning, falling from $72.77/bbl at 07:00 GMT down to $72.08/bbl at 10:55 GMT (time of writing). Crude oil prices saw bearish sentiment as markets weighed up the prospect of ample supply heading into 2025 and continuing uncertainties surrounding demand outlook, as per Reuters. In the news today, Israeli forces have killed at least 42 people in the Gaza strip accused of ceasefire violations, as bombing intensifies according to Al Jazeera. In other news, Canada’s Natural Resources Minister Jonathan Wilkinson told Reuters that Ottawa must make sure the Trump administration understands how their plan to impose 25% tariffs on imports would be counterproductive, not only for oil but also as America benefits from Canadian uranium and hydro exports to the US. Finally, India’s GDP was at 5.4% for the period July to September from a year earlier, according to Bloomberg. This marks the lowest rate of growth in almost two years and much lower than the central bank’s projection of 7% for the period. At the time of writing, the Feb/Mar’25 and Feb/Aug’25 Brent futures spreads stand at $0.37/bbl and $1.29/bbl, respectively.
