Traders watch U.S. production and Middle East tensions

  • Oil prices nudge higher after first monthly gain since September
  • Traders monitor U.S. production outages and tensions in the Middle East
  • WTI crude rises 0.8% to $76.45 a barrel
  • Brent crude up 0.9% at $81.29 a barrel
  • U.S. crude production bounces back by 700,000 barrels a day

Oil prices have moved higher after ending January with the first monthly gain since September. Traders are keeping a close eye on U.S. production outages and tensions in the Middle East. West Texas Intermediate (WTI) crude for March delivery rose 0.8% to $76.45 a barrel, while Brent crude, the global benchmark, was up 0.9% at $81.29 a barrel. U.S. crude production has bounced back by 700,000 barrels a day, following cold weather in North Dakota and Texas that had previously weighed on output. Traders are also awaiting the U.S. response to a drone attack by Iran-backed militants that killed three U.S. troops in Jordan last weekend.

Public Companies: New York Mercantile Exchange (NYMEX), ICE Futures Europe (ICE)
Private Companies:
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Factuality Level: 7
Justification: The article provides information about oil futures moving higher, the reasons behind the price moves, and the market drivers. It includes data from government reports and quotes from analysts. However, the article lacks in-depth analysis and context, and it does not provide a balanced perspective by including potential counterarguments or alternative viewpoints.

Noise Level: 3
Justification: The article provides relevant information about oil futures and market drivers. However, it lacks in-depth analysis, evidence, and actionable insights. It also does not hold powerful people accountable or explore the consequences of decisions.

Financial Relevance: Yes
Financial Markets Impacted: Oil futures market

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the movement of oil futures and the factors influencing their prices, such as U.S. production outages and tensions in the Middle East. While there is no mention of an extreme event, the information provided is relevant to financial markets, specifically the oil futures market.

Reported publicly: www.marketwatch.com