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Oil advances on Middle East news

Today crude futures extended gains from last week, with Brent up 0.28%, still holding above $75/bbl, and WTI is rising in price by 0.25%, trading above $71/bbl.

Iraq, following Saudi Arabia, announced an increase in the selling prices for its clients in January, sending a bullish signal to the market. Meanwhile, the breakdown of negotiations between Iran and the US adds to optimistic oil sentiment, allowing the market to brush aside threats from the Biden Administration that the US Department of Energy will release SPR oil at the end of the week to bring down domestic gasoline prices.

The Brent price has recently been hovering in the range of $73.0-76.5/bbl, and has yet to gain a foothold above $76.29/bbl. Brent continues to trade near $76.25/bbl but price action could dip below $75/bbl if this level fails to hold.

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