- Oil futures eased Monday morning following seven weekly gains that launched crude to its highest level since 2014
- Market participants are focused on Iranian nuclear talks as the U.S. provided several sanctions waivers
- Total active U.S. oil rigs now stand at 497, up by two from the prior week. Oil-directed rigs are now 198 above this time last year
- Iran wants guarantees from the U.S. for a Nuclear deal to move forward (Bloomberg)
- U.S. Secretary of State Antony Blinken signed several sanctions waivers Friday related to Iran’s civil nuclear activities, according to the AP
- The waivers will exempt foreign countries and companies that work in Iran’s civilian nuclear sector from American penalties
- The U.S. hadn’t provided full sanctions relief, a State Departments spokesman said
- Vitol says China may need to rebuild its oil stockpiles
- Oil prices could be boosted by China potentially replenishing its inventories (BBG)
- “All eyes are on what happens in China after the Chinese New Year. There’s a feeling that some restocking will be required.”
- For China, the world's biggest oil importer, prices aren’t yet high enough to dent consumption, according to Vitol’s head of Asia, Mike Muller