On January 29, international crude oil futures rose sharply. The settlement price of the March contract for WTI crude oil futures was $65.42 per barrel, an increase of $2.21 or 3.5%. The settlement price of the April contract for Brent crude oil futures was $69.59 per barrel, an increase of $2.22 or 3.4%. PriceSeek analyzed crude oil with a long-short score of 1. The article indicates that on January 29, WTI and Brent crude oil futures prices rose by 3.5% and 3.4%, respectively. The strong increase in the futures market typically reflects expectations of stronger crude oil demand or tightening supply, which will directly benefit spot crude oil prices and drive the spot market to follow the upward trend.
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