The Mar’25 Brent futures contract fell to $77.60/bbl at around 0100 GMT before it gained better strength, and the prompt rose to $78.55/bbl at 1005 GMT, the time of writing . Looking at the daily chart, the 21-day moving average has acted as support this morning. Saudi Arabia’s crude oil exports rose by 281 kb/d to a seven-month high of 6.21 mb/d, even as crude production declined by 47 kb/d and refinery runs dropped by 383 kb/d. Meanwhile, former U.S. President Donald Trump, speaking to business and world leaders in Davos, urged Saudi Arabia to lower oil prices to help end the Russia-Ukraine war. He criticized President Joe Biden’s “failed policies” for contributing to “economic chaos” in the U.S. Trump argued that high crude prices are sustaining Moscow’s war efforts, stating, “You gotta bring down the oil price. That will end that war. You could end that war.”. Trump also referenced the Keystone XL pipeline, suggesting its revival as an opportunity after its cancellation under Biden. However, developers are reportedly no longer interested, and the process of restarting the Canada-U.S. pipeline project would need to begin anew. At the time of writing, the Mar/Apr’25 and Mar/Sep’25 Brent futures spreads stand at $0.80/bbl and $3.73/bbl, respectively.
