February Brent crude oil prices experienced a choppy, narrow-range trading session. The market came under early selling pressure following weakness in global risk assets. Brent crude oil also came under pressure on the latest loading data for February, which forecasted the four primary streams to see an increase of 5.5% from January levels. As a result of the boost in supply, the nearby (February vs. March) calendar spread slipped nearly $0.24 during Monday's session and back to the $1.00 area. Some traders indicated that Brent Forties were expected to trade lower in response to weak refining margins, which by some accounts are at their lowest level in nearly three years.
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