Crude oil prices edged up a bit over the past few days, but European, Middle Eastern and African base oil markets will likely remain quiet until buyers and sellers return to their offices this week.
Surprisingly, crude oil levels moved upward by around $2 per barrel over the past few days, which is not insignificant. This miniature spike is mostly due to a raft of issues related to geopolitical unrest over North Korea. Dated deliveries of Brent crude is trading at around $66.30 per barrel for March front month settlement, with West Texas Intermediate crude posting at $60.10 per barrel for February. ICE LS Gas Oil is quoted higher by some $25 per metric ton at $600/t for January front month settlement, perhaps due to lower temperatures throughout Europe stimulating demand.