Further development of bilateral cooperation in the political, trade, economic and energy sectors, as well as cooperation within the OPEC Plus group to provide the stability of global oil market were discussed.

They reaffirmed their readiness to continue working together on the global energy market, including within the OPEC Plus and the Gas Exporting Countries Forum.

The cold spell next week signals the possibility of heavier withdrawals from the region’s gas storage sites, though inventories are still almost 73% full and well above average levels of the last five years.

Brent fell 74 cents, or 0.8%, to $85.92 a barrel , WTI was at $79.07 a barrel, down 61 cents, or 0.8%.

Benchmark futures fell as much as 3.5%. While the continent’s gas inventories dropped last week amid a cold spell, they are still far above historic averages.

Start of a new week at the months end has been very rangebound in terms of the price action on the Oil tabs. Previous week has been swings on the #BRENT & #WTI with an average of 3%(+/-) on the Bearish bias majorly as we approach the Globex Open.Asia session will shed light on the weekly movement.

Electricity prices surged 14.3% in 2022, double overall inflation" Consumer Price Increase data released Jan. 12 by the U.S. Bureau of Labor Statistics indicate consumers paid 14.3% more yr over yr, compared to overall 6.5% rise in prices.

Brent gained 30 cents, or 0.34%, to $87.77 a barrel, WTI rose 34 cents to $81.35 per barrel.

U.S. commercial crude oil inventories increased by 0.5 million barrels to 448.5 million barrels.

Brent rose 22 cents, or 0.3%, to $86.35 per barrel, WTI climbed 13 cents, or 0.2%, to $80.26 per barrel.

Brent was down 11 cents, or 0.1%, to $87.52, WTI fell 8 cents, or 0.1%, to $81.56 a barrel.

Dutch front-month futures, were 0.2% lower at €66.80 a megawatt-hour by 8:58 a.m. in Amsterdam, after rising as much as 3.1% earlier.

Brent gained 26 cents, or 0.3%, to $86.42 a barrel, WTI advanced 43 cents to $80.76 per barrel.

Dutch front-month futures, Europe’s gas benchmark, were 2.8% lower at €59 a megawatt-hour by 8:29 a.m. in Amsterdam.

U.S. commercial crude oil inventories increased by 8.4 million barrels to 448.0 million barrels.