Oil started 2020 on an upbeat note after posting its biggest annual gain in three years as tensions linger in the Middle East and on signs U.S. crude stockpiles extended declines.
WTI for February delivery rose 27 cents, or 0.4%, to $61.33 a barrel on the New York Mercantile Exchange as of 10:05 a.m. Singapore time. The contract lost 62 cents to close at $61.06 on Tuesday. Futures advanced more than 34% in 2019.
Brent for March settlement climbed 29 cents, or 0.4%, at $66.29 a barrel on London's ICE Futures Europe exchange. The benchmark crude was trading at $5.22 premium to the WTI for the same month, its narrowest differential since mid-December.
Source : Bloomberg