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The Mar’26 Brent crude futures contract has been supported at the low $64/bbl level this morning, before trading up to $64.50/bbl by 18:30 SGT (10:30 GMT).
Prices continue to be anchored around the 100-day moving average. Prices sold off by around $1 after settlement last night potentially on the back of the wider risk asset sell-off amid geopolitical fears. The front Mar/Apr’26 Brent futures spread sold off by 25c down to $0.60/bbl over this period. In the news, the US has seized a seventh tanker with Venezuelan oil, this time the sanctioned tanker Sagitta in the Caribbean for allegedly carrying Venezuelan crude illegally. Russia said a small fire caused by Ukrainian drone debris at the Afipsky oil refinery was extinguished with no damage or injuries, amid escalating attacks on energy infrastructure. Indonesia said it will auction a seized Iranian-flagged supertanker and its crude cargo (170k metric tons of light crude) later this month after authorities accused the vessel of illegal oil transshipment. In its monthly report, the IEA has raised its 2026 average oil demand growth forecast to 930kb/d, up from a previous 860kb/d. Finally, the front-month (Mar/Apr) and 6-month (Mar/Sep) Brent futures spreads are at $0.67/bbl and $1.76/bbl respectively.