The Apr’25 Brent futures contract climbed to $77.15/bbl at 14:05 GMT but softened subsequently, briefly weakening below $76/bbl at 16:50 GMT. The flat price contract witnessed more support at this level and was seen trading at $76.25/bbl at 17:15 GMT but softened to $76.10/bbl at 17:35 GMT (time of writing). Libya’s state-run National Oil Corp reported that export activity is operating normally following talks with protestors at the Es Sider and Ras Lanuf ports, easing fears of a supply disruption. In macroeconomic news, US consumer confidence has weakened for a second consecutive month to 104.1 in January (prev: 104.7). The BDI industry association stated that the German economy is in deep crisis, with GDP likely to decline by 0.1% in 2025. By comparison, the BDI forecasts that the Eurozone will grow by 1.1% and the global economy by 3.2%. Finally, at the time of writing, the Apr/May’25 and Apr/Oct’25 Brent futures spreads stand at $0.83/bbl and $3.55/bbl, respectively.
