- WTI is trading $1.44 lower, near $75.55
- The prompt-month WTI contract is on track for a $1.75-gain on the week
- WTI crude futures rose this week as markets read signs of declining supplies and increasing production costs as possible factors supporting oil prices
- New data also showed the efficacy of Covid-19 vaccines against the Omicron variant; The severity of Omicron is now expected to be less than previous variants
- Saudi Arabia contemplates deep cuts to February ‘22 prices vs January ‘22
- Feb OSPs may fall to their lowest level in three to four months
- The producer is expected to cut official selling prices of all grades by more than $1/bbl in February from the previous month, a Reuters survey showed
- The Dubai market structure has weakened significantly with backwardation narrowing sharply this month, implying that market tightness is easing