Investec Risk Solutions


Weekly Oil Market Update


Monday, 9 February 2026

Price Table

Source: Investec, Bloomberg

Commoditiy	Price	Weekly Change	50day-Ave	100day-Ave	200day-Ave
Brent ($/b)	67.61	1.31	63.69	64.10	65.88
US WTI ($/b)	63.12	0.98	59.52	60.08	62.31
ICE Gasoil ($/MT)	684.75	0.75	653.98	679.61	677.03
Jet CIF NWE ($/MT)	733.84	10.41	701.41	718.48	712.04

At the end of last week oil prices fell after the latest meeting between the US and Iran. The meeting appears to have gone well as far as an initial meeting can go. The Iranian side said the talks were “a step forward” and Trump said the talks were “good” and said that another meeting could take place early this week. The market came close to 70 \$/b last week and was higher the week before, Brent is around 67.50 \$/b this morning, the market has relaxed somewhat but still sees significant risks.

Last week we saw more signals the market is oversupplied. Saudi Arabia cut its Official Selling Prices, the other Middle Eastern oil producers followed suit. The build-up of Russian crude in East Asia has continued, India appears to be phasing out purchases following a deal with the US. Trump has said India has agreed to stop purchases from Russia as part of the trade deal, although India has yet to confirm this. This would tend to push up Brent relative to the prices at which Russian oil can be sold to China, but it’s hard to separate the effect this could be having from the Iran risk priced into oil.

Brent has been finding support in the 66.50 \$/b area, the next support level is around 63.50 \$/b which could be tested if we see further positive progress out if the US-Iran talks. If the talks sour the resistance of 70 \$/b could be tested. The IEA publish their monthly oil report this week which may give us some clue as to the state of the oil market.

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