Oil set for third straight weekly gain on winter fuel demand
- Oil prices are stable as investors assess winter fuel demand and U.S. Fuel inventories, with Brent crude at $76.13 a barrel and U.S. West Texas Intermediate at $73.22.
- JP Morgan analysts predict January oil demand will rise by 1.4 million barrels per day to 101.4 million bpd, driven by increased heating fuel use in the Northern Hemisphere.
- Oil prices are on track for a third consecutive weekly gain, supported by icy conditions in the U.S. And Europe, with Brent crude climbing to $77.16 a barrel.
- The premium of the front-month Brent contract indicates supply concerns as demand increases, despite a strengthening U.S. Dollar that typically pressures prices.
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