The M1 (Feb’26) Brent futures contract eased from $62.65/bbl at 12:28 GMT this afternoon, a level that had previously met resistance at 11:45 GMT earlier in the morning. The price now stands at $62.35/bbl as of 13:40 GMT (the time of writing). Indian refiner Reliance continues to receive oil cargoes from Rosneft after obtaining a one-month concession from the US. In other news, US Q3’25 GDP grew at 4.3% y/y, its fastest pace since Q3’23, compared with a consensus estimate of 3.3%. Meanwhile, BP has reportedly agreed to sell a 65% stake in its Castrol lubricants business to US private equity firm Stonepeak, marking a significant step in BP’s plan to reduce debt, streamline operations, and scale back its renewable energy investments. The oil major is set to retain a 35% stake in a new joint venture with Stonepeak, which it can sell after a two-year lock-in period. Finally, the US EIA is scheduled to release official US oil inventory data on Monday (29 Jan), following the Christmas holiday. At the time of writing, the front-month (Feb/Mar’26) and Feb/Aug’26 Brent futures spreads stand at $0.50/bbl and $1.10/bbl, respectively.
