OIL FUTURES: Crude futures higher on stronger fundamentals, financial incentives

S&P Global Platts | Feb 23, 2021 at 1:05 PM
  • Crude futures rose during European morning trading Feb. 23, as lingering US supply outages, OPEC+ cuts, and vaccine roll-outs improved the fundamental outlook while a strong backwardation and inflationary pressures provided financial support to prices.
  • At 1147 GMT, ICE April Brent crude futures were up 48 cents/b at $65.72/b, while the NYMEX March light sweet crude contract was 48 cents/b higher at $62.18/b.
  • At 1147 GMT, the ICE April/May Brent crude futures spread was trading at 88 cents/b, up 3 cents/b on the day.