Oil prices managed to settle higher yesterday, with ICE Brent closing almost 1.4% higher over the day. In early morning trading today, the market has continued to strengthen. This is despite little clarity on what OPEC+ will do, and the longer we wait, the more likely the meeting will stay put for early March. The API also reported fairly bearish inventory numbers, showing that US crude oil inventories increased by 6MMbbls over the last week, much more than the 3.2MMbbls increase the market was expecting, according to a Bloomberg survey. This only reinforced the trend seen in the WTI/Brent spread yesterday, with the ... (full story)