A broader improvement in risk sentiment should keep oil prices well-supported, despite near term demand headwinds due to the Lunar New Year holidays in Asia this week, says Konstantinos Venetis, senior economist at TS Lombard. The combination of lower oil output from OPEC and its allies as well as the lingering risk of a greater disruption in Venezuelan production could take WTI closer to $60/barrel, he says. Oil futures have pared their modest gains in early Asian trading and March WTI is trading flat at $53.66/barrel and April Brent is down by a cent at $61.97.
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