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2026.02.1819:50:03UTC+00Crude Oil Tests Monthly Highs

WTI crude futures jumped more than 4% to climb above $65 per barrel, testing monthly highs as tightening supply and stronger Asian demand tightened the physical market, even amid mixed signals on future output. The latest monthly report from the International Energy Agency indicated that winter outages and export constraints reduced global supply by about 1.2 million barrels per day in January. At the same time, increased buying from China and India absorbed additional barrels, further limiting export availability. Heightened geopolitical tensions in the Middle East, including disruption risks around the Strait of Hormuz, added a clear risk premium to prices by threatening a critical transit route for seaborne crude. Balancing these bullish factors, OPEC+ is weighing a gradual output increase starting in April, while early moves to restore Venezuelan exports are unlikely to bring significant volumes to market in the near term due to licensing hurdles and logistical bottlenecks.

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