#GCC and #MiddleEast Finance News: Brent Oil Edges Toward Highest Since 2014 on Tightening Market

Monday 17 January 2022

PRICES
Brent for March settlement rose 0.6% to $86.56 a barrel on the ICE Futures Europe exchange at 7:30 a.m. in London after climbing 1.9% on Friday. Futures rallied to $86.71 earlier, 4 cents shy of the highest level since October 2014. The prompt timespread for Brent was 74 cents in backwardation, compared with 57 cents a week earlier. West Texas Intermediate for February delivery gained 0.8% to $84.49 on the New York Mercantile Exchange.

PRICES

Brent for March settlement rose 0.6% to $86.56 a barrel on the ICE Futures Europe exchange at 7:30 a.m. in London after climbing 1.9% on Friday.
- Futures rallied to $86.71 earlier, 4 cents shy of the highest level since October 2014.
The prompt timespread for Brent was 74 cents in backwardation, compared with 57 cents a week earlier.
West Texas Intermediate for February delivery gained 0.8% to $84.49 on the New York Mercantile Exchange.